FNMA Income Calculator
Income Calculator is a a free service from Fannie Mae for calculating self-employed income seemlessly integrated into IncomeXpert.
Accurate Income
Income Calculator accurately calculates income for self-employed borrowers in accordance with Fannie Mae Selling Guide policy.
Better Underwriting
Income Calculator uses tax return data which provides more income information than tax return transcripts.
Rep & Warrant Relief
Fannie Mae will offer lenders relief from enforcement of representations and warranties for the accuracy of the income calculation at loan delivery.
How does it work?
1: Upload Tax Returns
Upload your borrower’s tax returns and IncomeXpert PLUS will scan and extract the income data. IncomeXpert PLUS will automatically create income sources with the data from the supplied tax returns.
2: Review Loan
Once IncomeXpert PLUS has populated the loan data from the supplied tax returns the lender can review the loan file, address attestations, and finalize the submission to Fannie Mae Income Calculator.
Advisories To Stay Ahead of Guidelines and Compliance
IncomeXpert includes over 200 income and agency advisories that alert underwriters if additional guidelines apply. With IncomeXpert, underwriters stay up to date with the latest industry guidelines to ensure calculated income is correct and guideline compliant.
3: Submit data to FNMA
When you are ready, you can submit the income data to Fannie Mae Income Calculator directly from IncomeXpert. Results and advisories will be returned immediately.
Lenders can save the findings and report from IncomeXpert and Fannie Mae Income Calculator in the loan file.
4: Submit income to DU
Lender submits the qualifying income amount to Desktop Underwriter. If all conditions are met, the loan is eligible for enforcement relief from reps and warrants related to the income calculation.
Clear Reporting
IncomeXpert ensures clear reporting by removing underwriting teams’ use of manual spreadsheets and forms. IncomeXpert provides underwriters with multiple levels of reporting details including trending analysis, income advisories, and summary totals.
Why use IncomeXpert for Fannie Mae Income Calculator?
The Fannie Mae Income Calculator is free to use on the Fannie Mae website. Why would you want to use this via a Technology Service Partner (TSP) such as Blueprint? Let’s review the major benefits.
Eliminate Data Entry
The Fannie Mae Income Calculator can be used directly from the Fannie Mae website, however all data must be entered manually. No uploading of tax returns is supported. Users must enter all personal and business return data for each income analyzed.
IncomeXpert PLUS automates the data entry and saves time and eliminates human data entry errors.
Full Loan Analysis
The Fannie Mae Income Calculator website calculates the income for a single borrower and single income source. IncomeXpert allows users to calculate all income on a loan file at one time.
IncomeXpert will display the FNMA Income Calculator value, as well as the IncomeXpert value. Users can select either calculation to be support their loan scenario.
Rep & Warrant Relief
Fannie Mae will offer lenders relief, but only for self-employed incomes supported by Income Calculator. Those are currently SchC, 1065, 1120S, and 1120.
IncomeXpert provides reps and warrants on all income types. This gives you comprehensive rep and warrant coverage for all incomes on the loan file.
Income Calculator Information
Got Questions?
If you have further questions, reach out to one of our sales team, or request a demonstration.
Testimonial
I like that it is very user-friendly, especially with the aspect of changing calculation methods accordingly, per loan product type. It is nearly impossible to do an incorrect income calc with this software!
It’s a great product, and provides so much relief in underwriting.
User Friendly, And graphical representation make simple to understand.
I love that it consistently updates to the changes in rules and regulations for representatives. I love that I know that my income calculations will be the same no matter who on our team calculates it. That consistency is vital to fair lending, compliance and overall a strong loan portfolio!
It is very easy to calculate the income on Blueprint and the beautiful thing is you will get a detailed report generated which you and further review.
Everything about the software is awesome! Ever since I became a user back in 2016, my income calculations have gotten better, and my understanding of income has improved. I would recommend this program to any mortgage company, loan officer, or loan processor.
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