Essentials Live! Recordings

1065 is BLANK, where's the income?

Session #7: April 12, 2021

Learn what to look for when the first page of the 1065 is blank, and see where income may be reported.

Analyzing A Truck Driver's Income

Session #34: June 13, 2022

Truck drivers can have multiple sources of income including per diem, drop, detention, rate per mile and/or loading pay. We will demonstrate how to apply Agency guidelines in analyzing a trucker’s income.

Are Distributions Higher than Ordinary Income?

Session #70: January 8, 2024

How can a borrower withdraw more than they have earned? What if they are showing a loss? Learn when this is acceptable and when it could be a red flag.

ARM Refresher

Session #40: September 12, 2022

Indexes, margins, caps and more...3/6, 5/6, 7/6 to explore. Join us for a lively discussion on ARM components, how to accurately qualify your borrower and when it is the right "fit" for your scenario.

Automated Underwriting, One & Done?

Session #64 September 25, 2023

When do you resubmit a loan to AUS? We’ll discuss AUS data, tolerances and errors in credit data.

Borrower in entertainment business, receiving variable income, and has experienced layoff and COVID furlough.

Session #6: March 22, 2021

Learn how to determine what income you can use to qualify your borrower based on Fannie Mae and Freddie Mac guidelines.

Borrower works fluctuating hours & has job gaps. Can we use any of this income to qualify them?

Session #20: October 25, 2021

The borrower's occupation is Journeyman type, construction work. Their hours fluctuate weekly and there are two big job gaps within the past three years. In this session, we will use Agency guidelines to answer whether this income can be used to qualify for a mortgage.

Can I offset a loss reported on my B’s K-1 if the business is not liquid?

Session #17: September 13, 2021

Following guidance from GSEs, we will demonstrate how to review the K-1 and the 1120-S to properly qualify your borrower.

Clergy filing Sch. C and has housing allowance too. What's his qualifying income?

Session #8: April 26, 2021

Learn how to document and determine qualifying income for your borrowers who are Clergy members.

Collateral Assessment Risk Score Less Than 2.5? Streamline Your Appraisal Review!

Session #73 February 25, 2024

What are you responsible for when FNMA Collateral Underwriter^® (CU^®) and FHLMC Loan Collateral Advisor^® (LCA) provide representations and warranties with a score less than 2.5. Sometimes less can be more.

Deferred Compensation, can I use it as income?

Session #14: July 26, 2021

Participants will learn what FNMA and FHLMC guidelines state, and how to apply a particular scenario.

Do I have to complete a cash flow analysis if my borrower receives W-2 income from their corporation?

Session #15: August 9, 2021

We will review FNMA and FHLMC guidelines for self-employed borrowers who own a corporation and determine how to properly qualify your borrower.

Don't be Fooled! Let's Talk Fraud Misrep.

Session #76 April 8, 2024

Learn important strategies and tactics to combat occupancy and seller impersonation fraud prevalent today.

Essentials Live! Replay: Don't Get Spooked by Short Term Rentals

Session #75 March 25, 2024

Learn how to review short-term rental income guidelines, when you can use it as income and how to document it.

Essentials Live! Year End Review Game

Session #23: December 6, 2021

Join us for a FUN end-of-year review game designed to help test your knowledge of Fannie/Freddie guidelines. All questions will pertain to income analysis topics discussed during our Essentials LIVE! broadcasts throughout 2021.

Family Business

Session #51 March 13, 2023

Join us and learn what you need to know when a borrower works in a family business and what's required for this non-arm's length transaction.

From Unpredictable to Predictable: Salary Leads to Stability

Session #37: July 25, 2022

A borrower working in a salaried position is considered to have stable and predictable income that is likely to continue. There are only a couple of other little but important things to consider after completing the calculation of their monthly income amount. Join us for a quick case study of a borrower returning to full-time salary after years of being self-employed.

Full-Time Hourly = Salaried Income

Session #18: September 27, 2021

Learn how to avoid the common pitfalls of income calculation. In 30 minutes or less, we will show you how to accurately identify when you can use agency guidelines for salaried borrowers to qualify your borrowers who receive an hourly rate of pay.

Garbage In...Garbage Out: Why Data Integrity Matters

Session #36: July 11, 2022

Join us as we discuss why data integrity is so important to get the right documentation requirements on your AUS report. Our example will review a non-occupant co-borrower scenario, including Social Security income, previous self-employment income, and rental income.

Get Qualified With a Positive Rental Payment History

Session #62 August 28, 2023

Learn how positive rent history with an AUS loan could impact the loan decision.

Growing Your Income - When to Use Rental Income to Qualify

Session #30: April 11, 2022

Your borrower lives rent free with his parents and is applying for a mortgage to purchase a second home. Already owning an investment property, he wants to use rental income to help qualify. What do we tell him?

Haunted by Mileage Depreciation?

Session #66 October 23, 2023

Let’s talk calculating mileage depreciation with Schedule C or Form 4562.

Hourly, Overtime, Seasonal = Variable Income

Session #24: January 10, 2022

Have you ever wondered when can you use unemployment income to qualify your borrower? In this scenario, we will demonstrate how to properly document and calculate all the borrower’s sources of income based on GSE guidelines.

How do I analyze multiple K-1’s when the borrower owns less than 25%?

Session #22: November 22, 2021

In this session, we’ll answer your questions about less than typical business owners, including when you need tax returns and what to do when multiple K-1’s show a possible business loss.

How To Establish Liquidity When the Schedule L Is Blank

Session #48 January 23, 2023

Discover the different types of documentation that can be used to determine liquidity.

Income Analysis Challenges in a Multi-Earner Era

Session #45: November 28, 2022

The 'gig economy' has evolved and so have the variable income challenges. Join us as we dive into some unique scenarios to determine what you can and can't use and why.

IPC Home Runs

Session #54 April 24, 2023

Learn how Interested Party Contributions (IPCs) can help with closing costs and be a home run for your borrower!

It’s Spring Time, a New Business Has Sprouted!

Session #31: April 25, 2022

My borrower has had a Schedule C business for years and started a second business last spring. Can I use the new business income to qualify my self-employed borrower?

Justifying Credit Reputation

Session #58 June 26, 2023

Has your borrower had an isolated event beyond their control? Learn how to document and explain their extenuating circumstances.

Learn how a leprechaun grants these 3 wishes for a self-employed borrower.

Session #28: March 14, 2022

Join us to see how these 3 wishes are granted...
1. I wish my borrower's negative income becomes positive
2. I wish my borrower's business was a pot of gold
3. I wish my borrower qualifies without magic

Less Than 25% Business Ownership?

Session #63 September 11, 2023

Learn to qualify a borrower, with under 25% business ownership, for a mortgage.

Love & Money... What to do when one makes it and the other spends it.

Session #27: February 28, 2022

One borrower is a self-employed physician and the other is a self-employed day-trader. Join us as we analyze this couple’s income, demonstrating Schedule C income analysis and capital gains/loss analysis.

Navigating Employment Obstacles

Session #74 March 11, 2024

Whether your self-employed borrower is moving to a new state, had a substantial income change, or any other challenging variable income scenario, this is the session for you!

New GSE Documentation Requirements for Rental Properties

Session #71 January 22, 2024

Review GSE requirements regarding documenting rental income, including leases, security deposits, appraiser's opinion of market rent and more!

No Longer the Boss...?

Session #55 May 8, 2023

Have a borrower who recently transitioned from being self-employed to a W-2 full-time employee? Let’s discuss what you need to know to confidently document and calculate income.

Non-Traditional Credit: An Unsung Hero

Session #57 June 12, 2023

Join us to learn how using non-traditional credit can qualify your borrower!

Non-U.S. Citizen Borrowers

Session #68 November 27, 2023

Learn what types of documentation are acceptable in determining eligibility for non-U.S. citizen borrowers.

Qualifying a Farmer

Session #72 February 12, 2024

Learn how to accurately qualify a farmer with key line items on Schedule F. Review co-mingled personal and business assets, non-taxable cooperative distributions and commodity credit corporation loans, other income and more.

Qualifying a Traveling Nurse

Session #61 August 14, 2023

Walk through calculations to determine what income can be used to qualify a traveling health care professional.

Rates Are Up – Time To Buydown?

Session #42: October 10, 2022

Join us as we demonstrate types, break-even points and more. It's as easy as 3,2,1!

Re-entering the Workforce

Session #52 March 27, 2023

Has your borrower re-entered the workforce after an extended break in their career? Let us help you answer your employment gap questions for mortgage eligibility.

Rental Income Analysis Unpacked

Session #39: August 22, 2022

Offset payment or use rental income? Lease or no lease? What else do I need? Does it matter if the property was placed in service as a rental in the current calendar year? Get the answers to these questions and more.

Shared Equity Program and Long-term Affordability

Session #67 November 13, 2023

Join us as we discuss shared equity programs, concentrating on income and resale price restrictions.

Shift Differential. What is it? Can I use it as income to qualify the borrower?

Session #13: July 12, 2021

Participants will learn how Shift Differential is earned and how to apply Fannie Mae and Freddie Mac guidelines in properly analyzing it as well as other variable income sources earned by the borrower. The borrower in this income scenario is paid salary, OT, bonus and shift differential.

Stable or increasing income vs. declining income. How do I know which way my self-employed borrower’s business is trending?

Session #12: June 28, 2021

We will demonstrate how the 1088 form will identify income and expense trends and determine viability of the business.

Tax Return Deadlines, Amendments & More!

Session #53 April 10, 2023

Tax filing season is here! Let's review GSE guidelines regarding tax return due dates, extensions and amendments.

Tax returns getting you down? Learn to recognize the 'story' your self-employed borrowers' income reveals about them.

Session #25: January 24, 2022

Every business owner has been impacted by the pandemic. Join us to learn how to recognize the ‘story’ of their income so you can feel confident in your decision.

The 3 Cs of Underwriting

Dive into the dynamic world of mortgage decisions with our bite-sized 3-minute course! Master the application of the 3 Cs of underwriting to gain insights that go beyond the basics. Learn who an Underwriter is and what documentation is needed to make the approval process more efficient. Your shortcut to mortgage success awaits!

The 5Ws of Qualifying Conversion Rental Income

Session #35: June 27, 2022

A borrower is purchasing a new primary residence, retaining current residence and converting it to a rental property. Can we use this rental income to help qualify the borrower? The answer depends! Join us to review the differences between FNMA and FHMC guidelines.

The ABCs of RSUs

Session #50 February 27, 2023

Learn the ins and outs of Restricted Stock Units (RSUs) and when they can be used as qualifying income.

The Joys of Motherhood and Qualifying Income.

Session #32: May 9, 2022

Discover how to properly calculate the monthly qualifying income of a borrower who recently took unpaid family medical leave from work. We will demonstrate how to properly apply Agency guidelines in evaluating your borrower’s salaried and variable income sources after she took time off to be with her newborn baby.

The Maze of 8825 Rentals

Session #43: October 24, 2022

When can I offset the mortgage? Can I add back depreciation? How do I cash flow a property? Get answers to these questions and more!

The “Case” for Differential Income

Session #16: August 23, 2021

Using a recent case where a nurse is receiving differential pay, we will walk through the calculations to determine what can be used to qualify the borrower and why.

Timely Appraisal Adjustments

Session #56 May 22, 2023

Join us to discuss positive and negative appraisal time adjustments and learn how this affects the underwriting review and supports the property value.

Tis the Season To Be Thankful for Non-Taxable Income

Session #44: November 14, 2022

Join us to learn how and when you can gross-up income for your borrowers and maximize their purchasing power.

Tough LOVE in February

Session #26: February 14, 2022

What documentation is required for your self-employed borrower now that we are in the 1st quarter of 2022? Join us to review various date-driven scenarios. We “love” to keep it simple.

Two borrowers share equal portions of ownership, in three businesses. How do I document and calculate their income?

Session #10: May 24, 2021

Learn how to properly document self-employed borrowers who own multiple businesses.

Understanding the 1003

Unlock the secrets to a successful 1003 mortgage application with our new self-paced eLearning! Jenni, our expert loan officer, will help you navigate the intricacies of the loan application process as you complete your borrower’s 1003 alongside her. You’ll also be able to test your knowledge in this interactive and engaging 7-part course.

Up, down, up. How do I qualify my self-employed borrower's fluctuating income?

Session #21: November 8, 2021

Join us as we tackle the dilemma of calculating a self-employed borrower’s fluctuating income, plus analyzing a borrower’s income while applying FNMA/FHLMC guidelines.

Using Bonus or Commission Income To Qualify Your Borrower

Session #38: August 8, 2022

Join us as we examine bonus and commission income scenarios, including bonus income for a borrower who recently received a promotion, and commission income when a borrower has less than 2-years of earnings.

Using Business Assets as Down Payment?

Session #59 July 10, 2023

Determine if the use of business assets will meet GSE requirements and how the business will be affected.

Using Employment Offers As Proof of Income

Session #49 February 13, 2023

The loan closes prior to my borrower's start date. I don’t have a paystub. Can I use the income from their new employer?

What is a recourse loan and how does it impact how we analyze borrowers with Partnership or LLC?

Session #19: October 4, 2021

Learn the difference between recourse and non-recourse loans and how those debts are allocated based on the structure of the business. Understand how to use this information to analyze the level of the borrower's financial risk.

What MI Can Do for Your Borrower!

Session #60 July 24, 2023

How do you decide between 5, 10, 15 or 20% down? We'll discuss scenarios to determine what is best for your borrower to leave room for upgrades or investments.

What To Do With a W-2

Session #47: January 9, 2023

Become an MVP! We'll show you what boxes to review and why for wages, housing, tip income and more.

What two things do leprechauns have in common with farmers?

Session #29: March 28, 2022

They each typically live at the end of a rainbow and they are both considered to be self-employed by Fannie and Freddie.

We hope you'll join us to learn how to evaluate a farmer’s tax return.

What's New With ADU...

Session #41: September 26, 2022

Let's talk about when you can and cannot use rental income from an accessory dwelling unit on a 1-unit primary residence. We'll cover Fannie and Freddie guidelines so you know exactly what you need to do to qualify your borrower.

When YTD P&L Statements Come to the Rescue

Session #33: May 23, 2022

There are times when obtaining a YTD P&L statement from your self-employed borrower's business will save your deal. In this session, learn how to use Fannie and Freddie guidelines to your borrowers’ advantage. We will demonstrate how to apply Agency guidelines in analyzing the declining trend of your self-employed borrowers' incomes and show how the YTD P&L statement can come to the rescue.

Year End Review Game!

Session #46: December 12, 2022

Join us for a fun 2022 end-of-year review game designed to help test your knowledge of Fannie/Freddie guidelines.

Year End Review Game!

Session #69: December 11, 2023

Join us for a fun 2023 end-of-year review game designed to help test your knowledge of Fannie/Freddie guidelines.