Fannie Mae Self-Employed Income Calculator Fact Sheet
This file contains instructions and best practices for using the Fannie Mae Self-Employed Income Calculator. It guides lenders on accurately calculating income for self-employed borrowers. Additionally, it provides key points and steps to remember for ensuring the accuracy and eligibility of loans.
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How do I fill this out?
To fill out this form, follow the detailed instructions provided step-by-step. Begin by gathering the necessary tax return documents from the borrower. The instructions will guide you through inputting data and validating results.
How to fill out the Fannie Mae Self-Employed Income Calculator Fact Sheet?
1
Borrower provides lender with tax returns or authorizes TSP to extract data.
2
Submit tax return data to the Income Calculator via TSP interface.
3
Lender validates the accuracy of data and retains Findings Summary.
4
Submit qualifying income amount to Desktop Underwriter or manually underwrite the loan.
5
If conditions are met, loan becomes eligible for enforcement relief.
Who needs the Fannie Mae Self-Employed Income Calculator Fact Sheet?
1
Lenders who need to accurately calculate income for self-employed borrowers.
2
Self-employed borrowers looking to apply for a mortgage.
3
Technology service providers assisting lenders with tax return data extraction.
4
Mortgage underwriters validating loan applications.
5
Financial advisors guiding clients through the mortgage application process.
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What are the instructions for submitting this form?
Submit the form to your lender's designated email or fax number as provided. Alternatively, use the lender's online submission platform if available. Ensure all data is accurate and retain a copy of the findings summary for your records. For any questions or assistance, contact your lender directly.
What are the important dates for this form in 2024 and 2025?
As of now, there are no specific important dates for this form in 2024 and 2025. Please refer to Fannie Mae's updates or guidelines for any changes or new requirements.
What is the purpose of this form?
The purpose of this form is to guide lenders in accurately calculating income for self-employed borrowers, ensuring compliance with Fannie Mae Selling Guide policy. It helps streamline the loan underwriting process by providing a transparent calculation method based on tax return data. Additionally, it offers lenders potential relief from enforcement of representations and warranties related to income calculation.
Tell me about this form and its components and fields line-by-line.
- 1. Tax Return Data: Section where lender inputs or validates borrower's tax return data.
- 2. Validation Steps: Steps for lender to validate data accuracy and retain findings summary.
- 3. Qualifying Income Submission: Final step for submitting the qualifying income to Desktop Underwriter or manually underwriting the loan.
What happens if I fail to submit this form?
Failure to submit this form can result in delays in loan processing and potential ineligibility for enforcement relief from representations and warranties. It is crucial to follow the provided instructions and submit the form accurately.
- Loan Processing Delays: Failure to submit may cause delays in the processing of the loan application.
- Ineligibility for Enforcement Relief: The loan may not be eligible for enforcement relief related to income calculation accuracy.
How do I know when to use this form?
- 1. Self-Employed Borrower Income Calculation: For accurately calculating income from tax returns for self-employed mortgage applicants.
- 2. Loan Underwriting: For validating and submitting the qualifying income amount to Desktop Underwriter or for manual underwriting.
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