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Reprocessing Documents in IncomeXpert PLUS

Documents uploaded for review and extraction with IncomeXpert PLUS are processed based on the tax years and agency selected. The system will extract the numbers from the correct places on the documents and enter those numbers into the software, giving you your final income calculations. This is what we call “processing of documents”. Reprocessing will re-analyze previously uploaded documents and re-extract the document data and apply it to the loan file. When is reprocessing

Fannie Mae Income Calculator Webinar

In this webinar Michal and Christopher introduce you to the Fannie Mae Income Calculator and its integration into IncomeXpert. This webinar covers: Overview of Fannie Mae Income Calculator Using Income Calculator via the web Using Income Calculator through IncomeXpert Overview of Reps and Warrants – IncomeXpert & Income Calculator How to get started with Income Calculator

How to add PITI to IncomeXpert PLUS

On your email notification that your IncomeXpert PLUS loan is completed, you will see a notice that says: You must enter PITI if Real Estate Owned was submitted When you submit a Schedule E with the rental property information, it is lacking the mortgage payment information, i.e. the Principal, Interest, Taxes and Insurance, or PITI for short. IncomeXpert is unable to calculate the correct rental income because the PITI is missing. You will see a

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, you should ensure they are supported income types. IncomeXpert supports all agency income types. However IncomeXpert PLUS only supports a subset of those incomes. You can refer to our Supported Income Types article for more details. If this occurs, you will need to enter these income types manually utilizing IncomeXpert. Our scanning software will not create

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 Mae Income Calculator

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 more about this service, please download the FAQ from Fannie Mae below. Income Calculator Lender Fact Sheet Income Calculator Lender

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 YTD calculation will sometimes be lower than the income based on the new pay rate. The YTD calculation will be

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 are seeking. Many times people say reps and warrants, and the inference is the entire loan is rep and warranted.

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. They need to do this quickly and accurately. However, the sales person superpower is relationships, not income analysis. So the

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. You plug in the numbers from the income document; and voila, an income is calculated. Job done, right? Wrong. You