Yes. Clear to close is a lender's internal status, not a guarantee. Lenders still verify employment within days of closing and watch for new debt until funding. A job change, new loan, credit change, or a title or appraisal problem can stop a loan even after you are cleared.
Fannie Mae requires a verbal verification of employment within 10 business days before the note date for employment income, and within 120 calendar days for self employment income. The lender can also obtain it after closing, up to delivery, but the loan is ineligible if it cannot be obtained by then.
Fannie Mae also expects lenders to have processes to catch new debt before closing, such as undisclosed debt monitoring or a refreshed credit report. After closing, lenders must verify again credit history with a new credit report as part of quality control, and if that finds undisclosed debt the lender may have to underwrite again.
For FHA loans, HUD requires the lender to verify that data entered into the automated system is accurate and that the file meets all requirements, so a problem found late in the process can still change the decision.
Checks that can happen late
| When | What gets check agained |
|---|---|
| Within 10 business days before closing | Employment, for borrowers with employment income |
| Right up to closing | New debt, through monitoring or a credit refresh |
| After closing | Credit a second check for quality control. A mismatch can trigger underwriting again |
What to do
- Do not change jobs, quit or reduce hours before funding.
- Do not open new credit or finance a purchase.
- Keep your down payment and closing funds where the lender saw them.
- Answer lender requests the same day.
- Tell your loan officer immediately if anything changes.
Sources
- Fannie Mae Selling Guide, B3-3.1-04, Verbal Verification of Employment. Verbal VOE within 10 business days before the note date; 120 days for self employed. Source type: Official. Checked October 17, 2026.
- Fannie Mae, Undisclosed Liabilities. New debt before closing can make a loan ineligible; post closing reverification. Source type: Official. Checked October 17, 2026.
- Fannie Mae Selling Guide, D1-3-03, Lender Post-Closing Quality Control Reverifications. Credit history reverification and re-underwriting. Source type: Official. Checked October 17, 2026.