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Genworth Mortgage Insurance Corporation ©2018 Genworth Financial, Inc. All rights reserved.
Review and Calculate Income from Miscellaneous Sources
May 2018
2Reviewing & Calculating Income from Miscellaneous Sources
ObjectiveUnderstand the Different Types of Income and How to Document Them
– Bonus– Overtime– Tip Income– Temporary Leave– Seasonal & Unemployment– Alimony & Child Support– Social Security
• Tax Exempt– Public Assistance
3Reviewing & Calculating Income from Miscellaneous Sources
https://www.fanniemae.com/singlefamily/uniform-residential-loan-application
Uniform Residential Loan Application (URLA) Timeline UpdateSeptember 26, 2017
– Finalized Demographic Information Addendum
– URLA Effective Dates– Desktop Underwriter® (DU®)
Specification Timeline
Reviewing & Calculating Income from Miscellaneous Sources 4
Uniform Mortgage Data Program® (UMDP ®)
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https://www.fanniemae.com/singlefamily/uniform-residential-loan-application
New URLA (1003)
7Reviewing & Calculating Income from Miscellaneous Sources
Income Entry
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Freddie Mac
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Selling Guide Income Topic 5300 Revised
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Income Continuance RequirementsIncome 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
11Reviewing & 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
Employed Income TypesPrimary
– Borrower’s primary source of employed incomeSecondary
– Second job, part-time job or multiple jobsAdditional
– Commissions– Bonus– Overtime– Tips– Auto allowance– Mortgage differential– Military entitlements– Military Reserves & National Guard– Unemployment with seasonal employment
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Primary
SecondaryAdditional
Freddie Mac’s Single-Family Seller/Servicer Guide Topic 5300
Loan Product Advisor Documentation Matrix
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http://www.freddiemac.com/learn/pdfs/uw/docmatrix.pdf
Fannie Mae
14Reviewing & Calculating Income from Miscellaneous Sources
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https://www.fanniemae.com/content/guide/selling/b/index.html
Fannie Mae Bonus & OT
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Fannie Mae Bonus and Overtime
17Reviewing & Calculating Income from Miscellaneous Sources
Freddie Mac Bonus & OT
18Reviewing & Calculating Income from Miscellaneous Sources
Single-Family Seller/Servicer GuideSeries 5000: Origination and UnderwritingTopic 5300: Stable Monthly Income and Asset Qualification SourcesChapter 5303: Employed Income5303.3: Additional employed income (09/14/17)
Freddie Mac’s Loan Product AdvisorSM -Bonus & OT
19Reviewing & Calculating Income from Miscellaneous Sources
http://www.freddiemac.com/learn/pdfs/uw/docmatrix.pdf
Tip Income- Fannie Mae DU
20Reviewing & Calculating Income from Miscellaneous Sources
https://www.fanniemae.com/content/guide/selling/b3/3.1/09.html#Tip.20Income
Tip Income- Freddie Mac
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Tip income The Borrower must have a two-year consecutive history of receiving incomefrom 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/pdfs/uw/docmatrix.pdf
Freddie Tip Income
22Reviewing & Calculating Income from Miscellaneous Sources
Single-Family Seller/Servicer GuideSeries 5000: Origination and UnderwritingTopic 5300: Stable Monthly Income and Asset Qualification SourcesChapter 5303: Employed Income5303.3: Additional employed income (09/14/17)
Freddie Mac Selling Guide
23Reviewing & Calculating Income from Miscellaneous Sources
Temporary Leave- Fannie Mae
24IReviewing & Calculating Income from Miscellaneous Sources
https://www.fanniemae.com/content/guide/selling/b3/3.1/09.html
Temporary Leave- Fannie Mae
25Reviewing & Calculating Income from Miscellaneous Sources
https://www.fanniemae.com/content/guide/selling/b3/3.1/09.html
Temporary Leave- Fannie Mae
26Reviewing & Calculating Income from Miscellaneous Sources
https://www.fanniemae.com/content/guide/selling/b3/3.1/09.html
Temporary Leave- Freddie Mac
27Reviewing & Calculating Income from Miscellaneous Sources
Single-Family Seller/Servicer Guide
Series 5000: Origination and Underwriting
Topic 5300: Stable Monthly Income and Asset Qualification Sources
Chapter 5303: Employed Income
5303.5: Income while on temporary leave (09/14/17)
Temporary Leave- Freddie Mac
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Seasonal Employment & UnemploymentSeasonal employment and unemployment compensation The Borrower must have a two-year consecutive history of receiving incomefrom 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
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Unemployment- Fannie Mae
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Seasonal Income- Fannie Mae
31Reviewing & Calculating Income from Miscellaneous Sources
Freddie Mac- Unemployment
32Reviewing & Calculating Income from Miscellaneous Sources
Single-Family Seller/Servicer Guide Selling
Series 5000: Origination and Underwriting
Topic 5300: Stable Monthly Income and Asset Qualification Sources
Chapter 5303: Employed Income
5303.3: Additional employed income (09/14/17)
Freddie Mac- Unemployment
33Reviewing & Calculating Income from Miscellaneous Sources
http://www.freddiemac.com/learn/pdfs/uw/docmatrix.pdf
Non-Employment Income Sources
34Reviewing & Calculating Income from Miscellaneous Sources
Alimony and Child SupportAlimony, Child Support or Separate Maintenance Payments Income from alimony, child support or separate maintenance payments maybe considered qualifying income if the documentation shows that the payer was obligated to make payments to the Borrower for the most recent six months and is obligated to make payment to the Borrower for at least the next three years. Evidence that the payments have been received for the most recent six months is required. If the payer has been obligated to make payments for less than six months, if the payments are not for the full amount or are not received on a consistent basis, the income must not be considered for qualifying
35Reviewing & Calculating Income from Miscellaneous Sources
Alimony and Child Support- Fannie Mae
36Reviewing & Calculating Income from Miscellaneous Sources
Freddie Mac- Alimony and Child Support
37Reviewing & Calculating Income from Miscellaneous Sources
http://www.freddiemac.com/learn/pdfs/uw/docmatrix.pdf
Social Security Income - Fannie Mae
38Reviewing & Calculating Income from Miscellaneous Sources
Freddie Mac- Social Security Income
39Reviewing & Calculating Income from Miscellaneous Sources
http://www.freddiemac.com/learn/pdfs/uw/docmatrix.pdf
Freddie Mac- Social Security Income
40Reviewing & Calculating Income from Miscellaneous Sources
Single-Family Seller/Servicer GuideSelling
Series 5000: Origination and Underwriting
Topic 5300: Stable Monthly Income and Asset Qualification Sources
Chapter 5305: Other Income
5305.2: Specific requirements for other income types (07/06/17)
Tax Exempt Income - Fannie Mae
41Reviewing & Calculating Income from Miscellaneous Sources
Freddie Mac- Tax Exempt Income
42Reviewing & Calculating Income from Miscellaneous Sources
Single-Family Seller/Servicer Guide Selling
Series 5000: Origination and Underwriting
Topic 5300: Stable Monthly Income and Asset Qualification Sources
Chapter 5305: Other Income
5305.2: Specific requirements for other income types (07/06/17)
http://www.freddiemac.com/learn/pdfs/uw/docmatrix.pdf
Public Assistance Income- Fannie Mae
43Reviewing & Calculating Income from Miscellaneous Sources
Public Assistance- Freddie Mac
44Reviewing & Calculating Income from Miscellaneous Sources
Single-Family Seller/Servicer Guide Selling
Series 5000: Origination and Underwriting
Topic 5300: Stable Monthly Income and Asset Qualification Sources
Chapter 5305: Other Income
5305.2: Specific requirements for other income types (07/06/17)
Automobile Allowance- Fannie Mae
45Reviewing & Calculating Income from Miscellaneous Sources
Automobile Allowance- Freddie Mac
46Reviewing & Calculating Income from Miscellaneous Sources
Single-Family Seller/Servicer Guide Selling
Series 5000: Origination and Underwriting
Topic 5300: Stable Monthly Income and Asset Qualification Sources
5303.3: Additional employed income (09/14/17)
Automobile Allowance- Freddie Mac
47Reviewing & Calculating Income from Miscellaneous Sources
http://www.freddiemac.com/learn/pdfs/uw/docmatrix.pdf
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new.mi.genworth.com
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Training
new.mi.genworth.com
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new.mi.genworth.com
Reviewing & Calculating Income from Miscellaneous Sources
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Self-Employed Calculators
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Genworth Underwriting Guidelines
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MI Rate Quotes
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MI Rate Quotes
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GENWORTH RESOURCES
ActionCenter®: 800 444.5664
Your Local Genworth Underwriting Manager
Your Genworth Account Executive or Manager
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Legal Disclaimer Genworth Mortgage Insurance is happy to provide you with these training materials. While we strivefor accuracy, 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.
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Reviewing & Calculating Income from Miscellaneous Sources
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