Missing income on IncomeXpert PLUS loan
If you notice some income sources are missing from your IncomeXpert PLUS loan that you expected to be there, it could be due to one of the following reasons. Ensure the missing income is a supported income types. IncomeXpert supports all agency income types. However IncomeXpert PLUS only supports a subset of those incomes. You […]
Income Calculator
IncomeXpert is now an authorized Technology Service Partner for Fannie Mae Income Calculator. Users can now submit their IncomeXpert loan files to Fannie Mae Income Calculator to get qualifying income directly from Fannie Mae. If you would like more information, you can visit our FAQ on Fannie Mae Income Calculator. FNMA Income Calculator FAQ Fannie […]
FNMA Income Calculator FAQ
Fannie Mae provides a service called Income Calculator which will analyze selected self-employed income and provide a qualifying income. Using this service makes lenders elidable for rep and warrant relief for the calculated income. To lean more about this new service, refer to the following Income Calculator fact sheet. If you would like to know […]
How to handle a recent pay raise
The employed income calculator was updated in July 2024 with three additional options to improve the accuracy of income calculations for IncomeXpert. The three new controls are described below. Recent Pay Raise When a borrower recently receives a pay raise this income may not initially be recommended by IncomeXpert. The reason being is the […]
Myths of Reps and Warrants
As lenders, we have all heard of reps and warrants and programs like Day One Certainty (D1C), but do we really understand them? Lenders rightfully seek out reps and warrant relief where possible to shift risk away from their business, but some lenders are unclear or misinformed on how to truly get the relief they […]
How to setup an automated income workflow
As an operations professional, you know that automated income analysis can make your organization run more smoothly and efficiently. However, did you know that some of the more forward thinking lenders are using automation to help out their colleagues in sales? Let’s back up. Sales needs to be able to correctly qualify a potential borrower. […]
Income Calculation vs. Income Analysis
How to calculate qualifying income? That phrase is uttered by many mortgage professionals, but the term is incorrect. The truth is many lenders focus on calculating income and fail to analyze the income. Aren’t they the same thing? Not really, and here is why. Calculating income is what you can do with your ubiquitous spreadsheet. […]
Compliance and buybacks
Underwriting is tough. Underwriters have a mountain of information to remember and apply correctly on each and every loan they touch. Straight memorization, or rote memorization, is what we learned in our school days with flash cards and spelling words. Through hours of practice and application we were able to move that information from our […]
Linked Income – Webinar
March 20, 2024 12pm EST IncomeXpert now supports linking past employment with the current employment. This solves the problem of borrowers who have variable income and have switched jobs recently. Previously IncomeXpert had a Change Of Jobs income type to accomplish this scenario. Linked Income replaces Change Of Jobs in IncomeXpert. Linked Income has expanded […]
Adjust Selected Income
Overview The Adjust Selected Income feature will allow users with this permission to choose an income that was not recommended by IncomeXpert. The purpose of this feature is for companies to grant permission to certain users to deviate from the recommend values of IncomeXpert. These examples may include declining income that user feels is within […]