Income Analysis for Salaried Borrowers: Acceptable Documentation and Calculations
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This module will look at eligible types of income and the required documentation to support the income. The course is designed for the participant to gain an understanding of the industry guidelines for income calculation for salaried borrowers by reviewing sample paystubs and calculating the gross monthly income. Calculations will include monthly, semi-monthly, bi-weekly, weekly, overtime, bonus, military, and teacher income-types.
Intended Audience: Mortgage professionals seeking fundamental knowledge of income documentation and various types of acceptable income for qualifying for a mortgage loan. The focus of the module is on salaried borrowers.