Loan Beam Self-Employment Income

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 

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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 😊