Happy New Year 2024 from the Blueprint Team, and welcome to our Zone Of Confusion Blog PART TWO. Posting these blogs has become a tradition for us as we go into our 11th year in business in 2024! If you have not read the fist part of this blog, “Zone of Confusion Part 1 of 2,” that covers the “wild YTD calculations,” take a look there, and this blog continues on from that blog. So
Happy New Year 2024 from the Blueprint Team, and welcome to our Zone Of Confusion Blog, which has become a tradition for us to post as we go into our 11th year in business! Why do we post this blog as a tradition? Just like in life, we have fun traditions for the holidays (i.e. a ski trip at Christmas or friends over on New Year’s Day to watch the big college game). Some traditions
At Blueprint we get all kinds of questions on how to calculate different types of income through our support email. In a recent email, the client told us the borrower had an unusual income history. The borrower had four to five different W-2s for each year in the last two years and had three different employers in the current year. After a few emails back and forth, our team was able to determine his borrower
Securing a mortgage for your borrower is exciting, but sometimes, you might find your borrower is on the edge of qualification. Imagine helping your borrower who is just a step away from obtaining that coveted mortgage approval when an unexpected opportunity arises, for instance,a new promotion or a potentially higher-paying position! This scenario opens up a fascinating question: Can you use your future income to tip the scales to get an approval? In this blog
When it comes to mortgage qualification, understanding the concept of non-taxable income and the practice of grossing up becomes crucial. In this post, we will delve into the details of non-taxable income, explore why it is adjusted, and shed light on the guidelines surrounding this important aspect of mortgage qualification. Non-Taxable Income and Its Significance Non-taxable income refers to earnings that are exempt from income taxes. These can include various sources such as child support,
Over the years I have seen many borrower applications with rental real estate as part of a borrower’s financial picture. Personally, I think the increase in rentals is partially due to people watching “fix it and flip it” shows. But what happens when you get a borrower who owns rental properties that are personally financed and provides a business return with an attached IRS Tax Form 1065/1120S which includes a https://www.irs.gov/forms-pubs/about-form-8825 ? To understand the
As more and more people pursue a side hustle to supplement their income, one smart investment option that many people are diving into is the world of rental property. The long-term passive method of collecting monthly rent gives stable and reliable returns in today’s market – often better than random investments or flipping homes! From a mortgage originator’s perspective, taking the time to find and assist these potential landlords in making these investment home
New Year’s is an interesting holiday to me. It is the only holiday that seems to prompt the most change in people’s lives. When you think about it, does anyone say, “This Thanksgiving I am going to start doing push-ups every day”? Some New Year’s changes occur whether you plan them or like them or know about them! In the mortgage world, the first few months of the year require us to pay closer attention
When I was in the Army, getting instructions from Army manuals or from higher ranks was often “clear as mud,” meaning that even though you were given the instructions and read them over and over, you still required additional help just to figure the task out. Over the many years I have been underwriting, some very common incomes for employed borrowers definitely have some “clear as mud” instructions on how to calculate the correct answer.
ACES reports income errors lead loan defect reasons 11th straight quarter When I write a blog headline, I try to balance the blog name between informative and relevant to give the reader a good idea of what the blog is about and a reason to click on it. Personally, I find too many articles today in all areas of life that have a shocking headline, then you read the article and there is a big
