Income analysis for Schedule C, Schedule F, 1065, 1120, and 1120S.
What if my borrower changes tax filing status? Business owners often change their business entity type as their enterprise evolves. For example, a business may start as a sole proprietorship
Can you use K1 income with less than 25% ownership? K-1 income(loss) is generated from standard business structures defined by the IRS which are Partnerships using the IRS 1065 tax
When completing income analysis for self employed borrowers there are a few key steps that must be followed. A liquidity test must be performed before your borrower can use self
Calculating K-1 income for self employed K-1 income for self-employed borrowers is one of the most common questions we receive. We understand—it’s complicated. As mortgage professionals, we aren’t tax experts,
As a person that has worked, trained, and mentored in the mortgage underwriting world for 27 years, I definitely guessed the profit and loss situation wrong! My best guess was
COVID 19 continues to create challenges with determining income for borrowers with more complex pay types such as self employment. The most common questions for a self employed borrower is
I have been writing blogs for UberWriter since 2013 on many different underwriting topics. While putting together some training information I realized that I have zero blogs about P/L’s in
When people ask me about my career in the mortgage business as an underwriter, the questions comes up “well what do you actually do?”. The best way I can describe
When I am teaching about underwriting topics, Allregs makes some guidelines very clear which leaves no room for any grey area. Then there are those guidelines that are just vague.
One of the more challenging areas in building UberWriter is getting agreement from FHA DE’s on the details of determining self-employed income. I spent my career mainly working in the
