Question:
Loan Beam was unable to calculate the tax returns due to:
An amended personal return Form 1040X was found in the
uploaded 0334 - Personal Tax Returns.pdf document. LoanBeam is unable to
calculate the income; please enter manually. Are you able to determine how income if any I can use to qualify
the borrower
Answer:
Good day Lee!
Thank you for your submission to the scenario
desk. We appreciate the opportunity to assist you in helping your
customers.
- This is
100% correct. LoanBeam cannot run
if there is an amended return.
- In any
case where LoanBeam cannot run or is unable to distinguish between
multiple owners of companies, you should use the MGIC 1084 worksheet.
- Here is
the link to the page that houses the Worksheet and the Worksheet Help Document. Take a minute and download these to your
computer so you have them handy.
They will work until the end of the tax year. Each year, MGIC updates them, so you will
need to reload them each year.
- Just scroll
down this page at MGIC to get the best resources for both self-employed
and regular W2 earners! These webinars
are great as well to give a little insight on the ins and outs of income
review.
- Once you
have completed the worksheet, let us know if you have any questions or
concerns on the income you arrive at.
We’ll be glad to assist!
Guideline links and
snips to assist you:
Self-Employed
borrower cash flow analysis worksheets (mgic.com)
If you need any additional information, please
feel free to reach out to us.
Please upload this
e-mail string to the 0108 – UW Cover Letter bucket in addition to placing a
copy in the NEW Encompass Screen "UW/Closing Notes" found under the
forms tab.
**The underwriter may ask for additional
documentation once the loan has been fully reviewed.
Thank you for your partnership in reaching out
to the Scenario Help Desk!
Have a blessed day,
Loretta
Gates,
Customer
Care Agent
The Scenario Team 😊