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Reviewing Miscellaneous Employment Income Sources
February 2020
©2020 Genworth Financial, Inc. All rights reserved.
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1Reviewing & Calculating Income from Miscellaneous Sources
ObjectiveUnderstand the Different Types of Income and How to Document Them
– Commission– Bonus and Overtime– Tip Income– Temporary Leave– Seasonal & Unemployment
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Ability-to-Repay (ATR) Rule Key concepts of the rule:
– The creditor must make a reasonable and good faith determination that the consumer has the ability to repay the loan.
• Mortgage borrowers must provide ample financial documentation; lenders must verify the documents.
• In order to be approved for a particular home loan, the borrower must have sufficient income and assets to repay the loan.
Reviewing & Calculating Income from Miscellaneous Sources2
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3Reviewing & Calculating Income from Miscellaneous Sources
The Mortgage Application 1003/65
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4Reviewing & Calculating Income from Miscellaneous Sources
Freddie Mac’s URLA Page
http://www.freddiemac.com/singlefamily/sell/ulad.html
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5Reviewing & Calculating Income from Miscellaneous Sources
https://www.fanniemae.com/singlefamily/uniform-residential-loan-application
Fannie Mae’s URLA Page
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https://www.fanniemae.com/singlefamily/uniform-residential-loan-application
6
9 pages 4 pages 2 pages 1 page
1 page
Reviewing & Calculating Income from Miscellaneous Sources
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Reviewing & Calculating Income from Miscellaneous Sources7
Two year history is required on the 1003 for all applicants
Verifying Employment History
Is the Borrower Self Employed?
– Spell out the full, complete business name and address.– Correctly identify type of employment:
• Does the borrower receive a W2 or 1099?• If the borrower owns 25% or more of the business, they are self-employed.• Note- A borrower may be self-employed and get a W2 from that business.
– Years on job and employed in line of work will be compared to job title and credit report.
– Title/Type of Business should convey enough information to:• Convey what duties the borrower performs.
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*New
*
*
Enter the Employer’s main number. Do NOT list the borrower’s personal work phone number that was collected in Section 1a.
Verifying Employment History
•Reviewing & Calculating Income from Miscellaneous Sources
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*New
*
Verifying Non-Employment Income
•Reviewing & Calculating Income from Miscellaneous Sources
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Freddie Mac
10Reviewing & Calculating Income from Miscellaneous Sources
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Selling Guide Income Topic 5300 Revised
11Reviewing & Calculating Income from Miscellaneous Sources
https://guide.freddiemac.com/app/guide/topic/5300
https://guide.freddiemac.com/app/guide/content/a_id/1000659
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Selling Guide Income Topic 5305.2
12Reviewing & Calculating Income from Miscellaneous Sources
https://guide.freddiemac.com/app/guide/content/a_id/1000659
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Income Continuance Requirements
13Reviewing & Calculating Income from Miscellaneous Sources
Freddie Mac’s Single-Family Seller/Servicer Guide Series 5000: Origination and Underwriting
Topic 5300: Stable Monthly Income and Asset Qualification Sources
Chapter 5301: General Requirements for All Stable Monthly Income and Asset Qualification Sources
Income continuance charts were added to Topic 5301.1– Income and earnings types typically without documentable
continuance– Income types with documentable continuance– Other income types that may or may not have documentable
continuance
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Employed Income Types
14Reviewing & Calculating Income from Miscellaneous Sources
Primary
SecondaryAdditional
Freddie Mac’s Single-Family Seller/Servicer Guide Topic 5300
Primary– Borrower’s primary source of employed income
Secondary– Second job, part-time job or multiple jobs
Additional– Commissions– Bonus– Overtime– Tips– Auto allowance– Mortgage differential– Military entitlements– Military Reserves & National Guard– Unemployment with seasonal employment
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Loan Product Advisor Documentation Matrix
15Reviewing & Calculating Income from Miscellaneous Sources
https://sf.freddiemac.com/content/_assets/resources/pdf/update/docmatrix.pdf
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Fannie Mae
16Reviewing & Calculating Income from Miscellaneous Sources
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Selling Guide
17Reviewing & Calculating Income from Miscellaneous Sources
https://selling-guide.fanniemae.com/
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Selling Guide
18Reviewing & Calculating Income from Miscellaneous Sources
https://selling-guide.fanniemae.com/
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Documenting Other Employment Income Types
19Reviewing & Calculating Income from Miscellaneous Sources
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Fannie Mae Commission Income
20Reviewing & Calculating Income from Miscellaneous Sources
https://selling-guide.fanniemae.com/
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Freddie Mac Commission Income
21Reviewing & Calculating Income from Miscellaneous Sources
https://sf.freddiemac.com/content/_assets/resources/pdf/update/docmatrix.pdf
https://guide.freddiemac.com/app/guide/content/a_id/1000653
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Bonus and Overtime
22Reviewing & Calculating Income from Miscellaneous Sources
https://selling-guide.fanniemae.com/
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Variable Income
23Reviewing & Calculating Income from Miscellaneous Sources
https://www.fanniemae.com/content/guide/selling/b/index.html
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Freddie Mac Bonus and OT
24Reviewing & Calculating Income from Miscellaneous Sources
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Freddie Mac’s Loan Product Advisor® -Bonus and OT
25Reviewing & Calculating Income from Miscellaneous Sources
https://guide.freddiemac.com/app/guide/content/a_id/1000653
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Bulletins 2019-20 & 2020-01
26Reviewing & Calculating Income from Miscellaneous Sources
https://guide.freddiemac.com/app/guide/bulletin/2019-20 https://guide.freddiemac.com/ci/okcsFattach/get/1003556_7
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Tip Income - Fannie Mae DU
27Reviewing & Calculating Income from Miscellaneous Sources
https://www.fanniemae.com/content/guide/selling/b3/3.1/09.html#Tip.20Income
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Tip Income - Freddie Mac
28
Tip incomeThe Borrower must have a two-year consecutive history of receiving income from tips in order to consider the income for qualifying. For tip income that fluctuates, the Seller must evaluate the income trend and use the amount that is most likely to continue for the next three years
Reviewing & Calculating Income from Miscellaneous Sources
http://www.freddiemac.com/learn/uw/index.html
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Freddie Tip Income
29Reviewing & Calculating Income from Miscellaneous Sources
https://sf.freddiemac.com/content/_assets/resources/pdf/update/docmatrix.pdf
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Temporary Leave - Fannie Mae
30Reviewing & Calculating Income from Miscellaneous Sources
https://www.fanniemae.com/content/guide/selling/b3/3.1/09.html#Tip.20Income
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Temporary Leave - Fannie Mae
31Reviewing & Calculating Income from Miscellaneous Sources
https://www.fanniemae.com/content/guide/selling/b3/3.1/09.html#Tip.20Income
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Temporary Leave - Fannie Mae
32Reviewing & Calculating Income from Miscellaneous Sources
https://www.fanniemae.com/content/guide/selling/b3/3.1/09.html#Tip.20Income
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Temporary Leave - Freddie Mac
33Reviewing & Calculating Income from Miscellaneous Sources
https://guide.freddiemac.com/app/guide/content/a_id/1000655
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Seasonal Employment and UnemploymentSeasonal employment and unemployment compensationThe Borrower must have a two-year consecutive history of receiving income from seasonal employment and the seasonal employment income must be likely to continue for at least the next three years in order to consider the income for qualifying. Unemployment compensation associated with seasonal employment may be considered qualifying income if the Borrower has a two-year history of receipt and the unemployment compensation is likely to continue for at least the next three years. The Seller must not use seasonal employment income or unemployment compensation to qualify the Borrower unless the income is reported on the Borrower's individual federal income tax returns for the most recent two-year period
34Reviewing & Calculating Income from Miscellaneous Sources
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Seasonal Income - Fannie Mae
35Reviewing & Calculating Income from Miscellaneous Sources
https://selling-guide.fanniemae.com/
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Freddie Mac – Seasonal Employment
36Reviewing & Calculating Income from Miscellaneous Sources
https://guide.freddiemac.com/app/guide/content/a_id/1000652
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Tax Return Review for Unemployment2018 Appears on the Schedule 1 to the 1040
37Reviewing & Calculating Income from Miscellaneous Sources
*
*Note that all of the income types listed on Part I of Schedule 1 have changed on the 2019 tax form
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Unemployment - Fannie Mae
38Reviewing & Calculating Income from Miscellaneous Sources
https://www.fanniemae.com/content/guide/selling/b3/3.1/09.html#Tip.20Income
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Seasonal Income- Freddie Mac
39Reviewing & Calculating Income from Miscellaneous Sources
https://sf.freddiemac.com/content/_assets/resources/pdf/update/docmatrix.pdf
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Auto Allowance- Fannie Mae
40Reviewing & Calculating Income from Miscellaneous Sources
https://selling-guide.fanniemae.com/
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Auto Allowance- Freddie Mac
41Reviewing & Calculating Income from Miscellaneous Sources
https://sf.freddiemac.com/content/_assets/resources/pdf/update/docmatrix.pdf
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Genworth Rate Express®
Presentation Title Insert Legal Copy 42
mi.genworth.com
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Genworth Underwriting Guidelines
Presentation Title Insert Legal Copy 43
mi.genworth.com
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LOS Connections
Presentation Title Insert Legal Copy 44
mi.genworth.com
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Training Tools and Information
Presentation Title Insert Legal Copy 45
mi.genworth.com
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Training Tools and Information
Presentation Title Insert Legal Copy 46
mi.genworth.com
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Additional MI Site Information
Presentation Title Insert Legal Copy 47
mi.genworth.com
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ActionCenter®: 800 444.5664
Your Local Genworth Regional Underwriter
Your Genworth Sales Representative
Your Genworth Resources
Presentation Title Insert Legal Copy 48
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Legal Disclaimer Genworth Mortgage Insurance is happy to provide you with these training materials. While we strive foraccuracy, we also know that any discussion of laws and their application to particular facts is subject to individual interpretation, change, and other uncertainties. Our training is not intended as legal advice, and is not a substitute for advice of counsel. You should always check with your own legal advisors for interpretations of legal and compliance principles applicable to your business.
,GENWORTH EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES, EXPRESS OR IMPLIEDINCLUDING WITHOUT LIMITATION WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO THESE MATERIALS AND THE RELATED TRAINING. IN NO EVENT SHALL GENWORTH BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES OF ANY KIND WHATSOEVER WITH RESPECT TO THE TRAINING AND THE MATERIALS.
Genworth Mortgage Insurance Offers A Comprehensive Suite Of Training Opportunities To Boost Your Know-How, Benefit Your Bottom Line, And Serve Your
Borrowers Better. Visit mi.genworth.com To Learn More.
Collateral Underwriter®, Home Ready® and Desktop Underwriter® or DU® are registered trademarks of Fannie MaeLoan Product Advisor®, Home Possible®, Loan Collateral Advisor® and Home Value Explorer® (HVE®) are registered trademarks of Freddie MacActionCenter®, Homebuyer Privileges® and Rate Express® are registered trademarks of Genworth Mortgage Insurance
Presentation Title Insert Legal Copy 49