One of our mantras at UberWriter is “working efficiently”, that means the perfect combination of knowing what to do, how to do it, and having the proper tools to complete the job. Over the last few months there has been a lot of training and focusing on properly qualifying a self-employed borrower. Without that combination of this knowledge (what to do, how to do it, and great tools to complete) these loans can slow your pipeline way down and create some serious pain points for both sales and operations.
These may be new concepts to those new to the industry, but FNMA has always had these rules. These rules were just not enforced. In 2014 we wrote a blog talking about the most under-used form by underwriters the 1088 (See a copy here). This blog focused on the same topics we are dealing with today on self-employed borrowers, which is the proper three steps to qualify a self-employed borrower.
I am sure these three steps are a very common topic in your underwriting training meetings over the last 6 months. This means you probably know what to do, and how to do it, we want to help you with the proper tools to complete the job.
Check out www.blueprintio.wpengine.com/income-analysis , here you will find tools to give you a one stop shop to properly evaluate a borrower’s income. This suite of tools includes:
- FNMA form 1088, so you can evaluate if a business is stable
- A standard solvency test to verify the business is not about to drown in debt and close
- A single page cash flow analysis (based very closely on the FNM 1084)
- Document checklist to tell you exactly what income documents you need to request from the borrower
- FHLMC Home Possible Calculator
These are supplemental tools to the UberWriter income calculation, which can handle all 30+ income types outlined by FNMA, FHLMC, and FHA.
We hope this set of tools helps you get more out of your workday, and closes more loans for your growing company.