self-employed borrower freddie mac form 91€¦ · freddie mac form 91 part ii review 3 objective...
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![Page 1: Self-Employed Borrower Freddie Mac Form 91€¦ · Freddie Mac Form 91 Part II Review 3 Objective Learn to use the Freddie Mac Income Analysis Form (Form 91) and data from tax returns](https://reader036.vdocuments.net/reader036/viewer/2022070803/5f03155e7e708231d40773ad/html5/thumbnails/1.jpg)
Genworth Mortgage Insurance Corporation ©2017 Genworth Financial, Inc. All rights reserved.
Self-Employed Borrower
Freddie Mac Form 91Business Tax Returns
March 2017
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2Freddie Mac Form 91 Part II Review
Lender Responsibility
Investors (Fannie Mae, Freddie Mac, Private Investors) require it be
determined that self-employed borrowers demonstrate the financial
ability to repay the mortgage.
– History
– Income calculation
– Continuance / Stability of income
Today’s Session Covers Conventional Loans and Reviews K-1’s And
Business Tax Returns; Personal Returns Are Reviewed in Part I
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3Freddie Mac Form 91 Part II Review
Objective
Learn to use the Freddie Mac Income Analysis Form (Form 91) and
data from tax returns to calculate supportable self-employed borrower
income.
– Calculate Partnership Income and Expenses from K-1s and Form 1065
– Calculate S Corp (Sub-Chapter S) Income and Expenses from K-1s and Form
1120S
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4Freddie Mac Form 91 Part II Review
Freddie Mac Seller/Servicer Guide
THESE CHANGED MARCH 6 2017!!!!
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Bulletin 2016-19-Income Changes
5Freddie Mac Form 91 Part II Review
Implementation Of Income Requirements For Loans With Settlement Dates
of July 6, 2017 or After; LPA Be Updated March 6, 2017 And Lenders May
Begin Following As Of March 6, 2017
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6Freddie Mac Form 91 Part II Review
Freddie Mac Seller/Servicer Guide
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7Freddie Mac Form 91 Part II Review
Freddie Mac Seller/Servicer Guide
When Do We Have To Tell LPA Our Borrower Is Self-Employed?
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8Freddie Mac Form 91 Part II Review
Freddie Mac Seller/Servicer Guide
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9Freddie Mac Form 91 Part II Review
Freddie Mac Seller/Servicer Guide
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10Freddie Mac Form 91 Part II Review
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LPA documentation Matrix
11Freddie Mac Form 91 Part II Review
Tool to Help document your files
– Updated for loans with settlement
dates on or after July 6, 2017.
– If you choose to implement on and
after March 6, you must comply with all
asset or all the income changes, not
just some of the new requirements
– The existing LPA matrix (July 2016) is
still available should your lender
choose to wait to implement until July
6.
http://www.freddiemac.com/learn/pdfs/uw/docmatrix_settlement_dates_july_6_2017.pdf
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15Freddie Mac Form 91 Part II Review
mi.genworth.com
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Quick Reference Guide and Webinars
16Freddie Mac Form 91 Part II Review
Monthly Webinar
Calendars
Course Catalog
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Quick Reference Guide and Webinars
17Freddie Mac Form 91 Part II Review
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18Freddie Mac Form 91 Part II Review
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Does Borrower Own > 25% of a Business?
19Freddie Mac Form 91 Part II Review
Can checking the Self Employed Indicator to “Yes”
increase the risk of the loan when evaluated by
LPASM?
YesNo
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You’ll Need
20Freddie Mac Form 91 Part II Review
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21Freddie Mac Form 91 Part II Review
The Case Study
:You will be working with John and Mary Homeowner who
– Own 50% of an LLC called MHI (Mary)
• Reported on a Partnership Return 1065
• Mary receives a K-1
– Own 100% of an S Corporation called Always Watching Security, Inc. (John)
• John receives a K-1
• John receives a W-2 Wage Statement from the business
• John receives an 1120S Sub Chapter S business tax return
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22Freddie Mac Form 91 Part II Review
In Case Study Part I We Completed Sections 1-8 With The Personal
Tax Returns
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23Freddie Mac Form 91 Part II Review
Calculator and Quick Reference Guide
Access your Quick Reference Guide Form 91 Section 9 and the Case
Study
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24Freddie Mac Form 91 Part II Review
Business Classifications
Partnership (General or Limited)
– Two or More Partners
– Business Income Reported on Form 1065
– Personal Income Reported on Schedule E and K-1
– Income Taxed at Personal Rate
– All owners are issued a K-1s which are attached to the business tax return (IRS
Form 1065)
Advantages
– Taxed at Personal Rate (Partnership Pays No Tax on Income)
– Limited Partnership - Only Liable for Amount Invested
Disadvantages
– General Partnerships Have Unlimited Personal Liability for Partnership Debts
and Losses
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25Freddie Mac Form 91 Part II Review
1065 Partnership
Line 22 Ordinary Income/Loss
$_________
K-1
%
Line 1 Ordinary Income/Loss
$_________
Schedule E page 2
Part II1040
Line 17 Net Income/Loss Sch.E
$_________
Taxed at a personal rate
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Check for trends or changes
– Gross Receipts
– Cost of Good Sold
– Gross Profit
– Bottom line “Ordinary Income”
Partnerships
26
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Freddie Mac Form 91 Part II Review
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1065 Partnership
Line 22 Ordinary Income/Loss
$_________
K-1
%
Line 1 Ordinary Income/Loss
$_________
Schedule E page 2
Part II
1040
Line 17 Net Income/Loss Sch.E
$_________
Taxed at a personal rate
27Freddie Mac Form 91 Part II Review
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Partnership K-1
28Freddie Mac Form 91 Part II Review
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Rental Income - Partnership or S Corps
29Freddie Mac Form 91 Part II Review
No Example
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Partnership K-1
33Freddie Mac Form 91 Part II Review
Page 17
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1065 Partnership
Line 22 Ordinary Income/Loss
$_________
K-1
%
Line 1 Ordinary Income/Loss
$_________
Schedule E page 2
Part II
1040
Line 17 Net Income/Loss Sch.E
$_________
Taxed at a personal rate
35Freddie Mac Form 91 Part II Review
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Schedule E Partnerships and S Corps
36Freddie Mac Form 91 Part II Review
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1065 Partnership
Line 22 Ordinary Income/Loss
$_________
K-1
%
Line 1 Ordinary Income/Loss
$_________
Schedule E page 2
Part II1040
Line 17 Net Income/Loss Sch.E
$_________
Taxed at a personal rate
37Freddie Mac Form 91 Part II Review
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38Freddie Mac Form 91 Part II Review
Page 2
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41Freddie Mac Form 91 Part II Review
Freddie Mac Does Not Have a Written Policy
Regarding Distributions
- However, Fannie Mae Does
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Balance Sheet
42Freddie Mac Form 91 Part II Review
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Quick Reference Guide and Webinars
43Freddie Mac Form 91 Part II Review
Monthly Webinar
Calendars
Course Catalog
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Quick Reference Guide and Webinars
44Freddie Mac Form 91 Part II Review
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45Freddie Mac Form 91 Part II Review
Liquidity
Generally Accepted Accounting Principles
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(Cash #1 + Acct Receivable #2 + #4+ #5 +Other Current Assets #6)
(Acct Pay. #15 + MNB #16 + Other Current Liabilities #17)
Balance Sheet
Quick Ratio or Acid Test
Current Assets :
Current Liabilities:
Current Assets:
Current Liabilities: 10,308 - Solvency
46Freddie Mac Form 91 Part II Review
Page 23
$10,308 + 0 + 0 +0+0 = $10,308
$0 + $0+ $0 = $0
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47Freddie Mac Form 91 Part II Review
Quick Ratio
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48Freddie Mac Form 91 Part II Review
Quick Reference Guide
:Access
– Form 91
• Quick Reference Guide Section 9
– The Partnership K-1
Page 17
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49Freddie Mac Form 91 Part II Review
Partnership K-1
Can We Use Ordinary Income/Rental Income?
Is The Business Capable Of Paying Out The Earnings?
Page 17
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Quick Reference Guide Partnership K-1
50Freddie Mac Form 91 Part II Review
Prudent Underwriting: Evaluate The Business. Determine If Any Of The
$10,628 Can Be Used. It Must Make Sense And Be Supported In Writing.
$10624
$0
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Partnership K-1
51Freddie Mac Form 91 Part II Review
Genworth Calculator Is A Tool; Lenders/Underwriters Review Each Loan
File And Determine Compliance With Freddie Mac Or Investor Guidelines
Page 17
$10624
$0
$0
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Section 11
52Freddie Mac Form 91 Part II Review
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Partnership Form 1065
53Freddie Mac Form 91 Part II Review
Page 19
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54Freddie Mac Form 91 Part II Review
Partnership Form 1065
Page 19
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55Freddie Mac Form 91 Part II Review
Partnership Form 1065
See Statement
Page 19
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Partnership Form 1065
56Freddie Mac Form 91 Part II Review
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57Freddie Mac Form 91 Part II Review
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58Freddie Mac Form 91 Part II Review
Partnership Form 1065
Page 23
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59Freddie Mac Form 91 Part II Review
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60Freddie Mac Form 91 Part II Review
Partnership Form 1065
Page 19
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61Freddie Mac Form 91 Part II Review
Partnership Form 1065
Page 23
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62Freddie Mac Form 91 Part II Review
Partnership K-1
Can We Use to Qualify?
Page 17
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63Freddie Mac Form 91 Part II Review
Business Classifications
S Corporation
– Can be owned by one person
– “Managing Shareholder” must receive a salary
– Business Income Reported on Form 1120S
– Income reported on Form 1040’s
• Schedule E
• Could also be W-2 wage or 1099 income
– All shareholders of an S Corp are issued K-1’s
– K-1s are attached to the S Corp tax return (IRS Form 1120S)
Advantages
– Taxed on Personal Basis
• S Corp. Pays No Tax on Income
– Liability Limited to Amount Invested
Disadvantages
– Limited to 100 Shareholders
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64Freddie Mac Form 91 Part II Review
Line 21 Ordinary Income/Loss
$_________
K1
%
Line 1 Ordinary Income/Loss
$_________
Schedule E page 2
Part II
1040
Line 17 Net Income/Loss Sch.E
$_________
Taxed at a personal rate
1120S S Corp
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65Freddie Mac Form 91 Part II Review
S Corps
Check for trends or changes
– Gross receipts
– Cost of goods sold
– Gross profit
– Bottom line “Ordinary Income”
– Were W-2 wages paid to
borrower?
Page 27
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66Freddie Mac Form 91 Part II Review
S Corps
Review for W-2 paid from business
– Is this salary income or self employed income?
– Did we give credit for this income already?
Page 1
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67Freddie Mac Form 91 Part II Review
Line 21 Ordinary Income/Loss
$_________
K1
%
Line 1 Ordinary Income/Loss
$_________
Schedule E page 2
Part II
1040
Line 17 Net Income/Loss Sch.E
$_________
Taxed at a personal rate
1120S S Corp
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S Corp K-1
68Freddie Mac Form 91 Part II Review
Did John Get A Distribution?
Page 25
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Page 2 of K-1 and Page 3 of Form 1120S
69Freddie Mac Form 91 Part II Review
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71Freddie Mac Form 91 Part II Review
1120S S Corp
Line 21 Ordinary Income/Loss
$_________
K-1
%
Line 1 Ordinary Income/Loss
$_________
Schedule E page 2
Part II
1040
Line 17 Net Income/Loss Sch.E
$_________
Taxed at a personal rate
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Schedule E Partnerships and S Corps
72Freddie Mac Form 91 Part II Review
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73Freddie Mac Form 91 Part II Review
Line 21 Ordinary Income/Loss
$_________
K-1
%
Line 1 Ordinary Income/Loss
$_________
Schedule E page 2
Part II
1040
Line 17 Net Income/Loss Sch.E
$_________
Taxed at a personal rate
1120S S Corp
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74Freddie Mac Form 91 Part II Review
Page 2
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75Freddie Mac Form 91 Part II Review
Freddie Mac Does Not Have a Written Policy
Regarding Distributions
- However, Fannie Mae Does
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76Freddie Mac Form 91 Part II Review
Liquidity
Generally Accepted Accounting Principles
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77Freddie Mac Form 91 Part II Review
Balance Sheet
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78Freddie Mac Form 91 Part II Review
Balance Sheet
Quick Ratio or Acid Test
Current Assets :
Current Liabilities:
(Cash #1 + Acct Receivable #2 + #4+ #5 +Other Current Assets #6)
(Acct Pay. #15 + MNB #16 + Other Current Liabilities #17)
Current Assets:
Current Liabilities: 2.09 - Solvency
$8,972 + 0 + 0 +0+0 = $8,972
$0 + $0+ $4,286 = $4,286
Page 30
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79Freddie Mac Form 91 Part II Review
Quick Ratio
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81Freddie Mac Form 91 Part II Review
S Corp K-1
Let’s Put Numbers On Our Tool!
Page 25
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82Freddie Mac Form 91 Part II Review
S Corp K-1Let’s Put Numbers On Our Tool!
Page 25
Did John Get a Distribution? Does The Business Have The
Capacity To Continue Operations?
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S Corp K-1
83Freddie Mac Form 91 Part II Review
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S Corporation Form 1120S
84Freddie Mac Form 91 Part II Review
Page 27
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S Corporation Form 1120S
85Freddie Mac Form 91 Part II Review
Page 27
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S Corporation Form 1120S
86Freddie Mac Form 91 Part II Review
Page 27
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S Corporation Form 1120S
87Freddie Mac Form 91 Part II Review
Page 27
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88Freddie Mac Form 91 Part II Review
S Corporation Form 1120S
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S Corporation Form 1120S
89Freddie Mac Form 91 Part II Review
Page 27
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90Freddie Mac Form 91 Part II Review
S Corporation Form 1120S
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S Corporation Form 1120S
91Freddie Mac Form 91 Part II Review
Page 27
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S Corporation Form 1120S
92Freddie Mac Form 91 Part II Review
Page 27
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93Freddie Mac Form 91 Part II Review
S Corporation Form 1120S
Page 31
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S Corporation Form 1120S
94Freddie Mac Form 91 Part II Review
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95Freddie Mac Form 91 Part II Review
S Corp K-1
?How Much Does John Own
Page 25
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S Corporation Form 1120S
96Freddie Mac Form 91 Part II Review
We Must Subtract This Amount/Adjustment From The Qualifying Income
We Are Using
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99Freddie Mac Form 91 Part II Review
mi.genworth.com
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Quick Reference Guide and Webinars
100Freddie Mac Form 91 Part II Review
Monthly Webinar
Calendars
Course Catalog
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Quick Reference Guide and Webinars
101Freddie Mac Form 91 Part II Review
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Genworth Resources
102Freddie Mac Form 91 Part II Review
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Genworth Rate Express® Updated!
Freddie Mac Form 91 Part II Review103
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Rate Express
Access Genworth Rates Using
Rate Express Mobile App Or
Desktop
– Only 5 Required Fields
– Find Our MI Rates And Products
And Compare Them To FHA
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“Scenario ID”
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From The Results Screen
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Visit mi.genworth.com To Run A Rate Today!
Freddie Mac Form 91 Part II Review 104
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Genworth Rate Express
105Freddie Mac Form 91 Part II Review
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106Freddie Mac Form 91 Part II Review
GENWORTH RESOURCES
ActionCenter®: 800 444.5664
Your Local Genworth Underwriting Manager
Your Genworth Account Executive or Manager
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107
Freddie Mac Form 91 Part II Review
Legal Disclaimer Genworth Mortgage Insurance is happy to provide you with these training materials. While we strive
for 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 IMPLIED
INCLUDING 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®
or CUTM, Home Ready®
and Desktop Underwriter®
or DU are registered Trademarks of Fannie Mae
Home Value Explorer (HVE) is a registered trademark of Freddie Mac
Loan Product AdvisorSM and Loan Collateral AdvisorSM are registered Service Marks of Freddie Mac
ActionCenter® and Rate Express® are registered trademarks of Genworth Mortgage Insurance
Simply UnderwriteSM is a service mark of Genworth Mortgage Insurance