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
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
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
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.
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
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
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 short-term memory to our long-term memory. Short-term vs. Long-Term Memory Research shows that rote memorization like flash cards is
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 functionality and capability over Change of Jobs. This feature is great for analyzing borrowers such as travel nurses, union
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 acceptable tolerance, incomes that have less than the standard history, or income that may increase in the future, to name
February 1, 2024 Blueprint is updating the user interface and the API for uploading tax and income documents when utilizing IncomeXpert PLUS. If you are not currently using IncomeXpert PLUS, this change notice won’t impact you. If your team does use IncomeXpert PLUS, you will need to disseminate this information to those users and development teams. What is changing? The order screen in IncomeXpert PLUS and the API endpoint for uploading documents is being
