Finally a 1084 that is easy and makes sense
If you have been following the blogs on UberWriter you know we are not fans of the 1084 form for many reasons. On our blog entitled “FNMA 1084 and FHLMC 91 Are Useless” we outlined all the holes in that form and why we have that opinion. For example how the 1084 form does not work for […]
What tax form does an LLC use?
Over the last few years the popularity of business owners setting up LLC’s has increased. LLC’s have many advantages over sole proprietorships and standard partnerships. Many business owners call the LLC “the perfect hybrid business model”. LLC’s have a low cost to set up, are easier to meet the accounting paperwork on when you first […]
Part 4: Where is that box on the tax return
For the last installment we are going to look at the 1120S and 1120 corporation returns inside the lens of the cash flow analysis form. These two business entities really differ from sole proprietors and partnerships because they have the most legal separation between the shareholders and the business itself in terms of liability for […]
Part 3: Where is that box on the tax return?
Today I want to review partnership cash flow adjustments (or 1065 forms). The 1065 is much more like a Schedule C income than it is like a corporation. The 1065 is a bit more complex then Schedule C, but it holds many of the same legal characteristics that a sole proprietor would have. Examples include […]
Part 2: Where is that box on the tax return?
Continuing on with our series on “where is that box”, today I wanted to add the “why” to the items for cash-flow analysis. Working on underwriting for so many years I got used to just adding up the numbers from the proper forms and moving on. But when I was training underwriters or taking calls […]
Where is that box on the tax return? – Part 1 of 4
Self employed income analysis… probably one of the harder things to get your mind around if you work on the mortgage industry. However once you get the hang of “the where, what, and why” on the common business return, it gets much easier. FNMA All Regs and FHLMC All Regs outline their expectations for calculating income […]
Warning: Borrowers Unemployed Long Term | Blueprint
It seems over the last few years FNMA and FHLMC are moving just a little further apart in how they look at lending. In my opinion FNMA seems to hold a bit of a lower barrier of entry than FHLMC in general. A few examples come to mind, first off FNMA will allow rental income for […]
Interview with Adam Lesner and Michael Whitbeck
Michael Whitbeck gets interviewed by Adam Lesner about Uberwriter. Adam is a loan officer with Michigan First Mortgage and is an a passionate advocate for the borrower and devotes his website www.balancedprocess.com to the education and support of those seeking home financing. Adam recently discovered UberWriter and interviewed Michael for his website. See what others have […]
Fannie Mae 1088: Two Decades of Misunderstanding | Blueprint
Updated 07/15/2018 to correct All Regs References For Freddie Mac One thing about the mortgage business you can count on is change, but not everything changes year by year! For example, the core principals of underwriting have always been the “4 C’s of underwriting” which are credit, capacity, capital, and collateral. Some could argue that […]
Self Employed Borrowers and Allowable Income
Regulation Change Update: The following blog was posted in January of 2013 and the regulations have changed since we posted. Question: When reviewing business tax returns such as 1165, 1120S, and 1120, should we treat any additional income derived from the business returns all the same regardless of FNMA or FHLMC? Answer: FNMA and FHLMC […]