Date: July 15, 2014
Time: 3:00pm - 4:30pm
Under the CFPB, verifying self-employed borrowers’ income has taken a new direction!
The new qualified mortgage rules issued by the CFPB are in effect. With them, verifying self-employed borrowers’ income from tax returns has taken a new direction. Much of the “common sense” approach of the old rules has been set aside and new “standardized” verification rules have taken their place. To keep your mortgage “qualified” and ensure your credit union is protected under the QM rules, it is very important that you know and comply with these new income verification rules.
Using borrowers’ tax returns, this webinar will show which incomes can and can’t be used. This simple and interesting approach will help you understand the QM self-employed income verification rules. You will also receive a useful, interactive worksheet to calculate annual and monthly income from the self-employed borrowers’ tax returns.
Continuing Education: Attendance verification for CE credits upon request
- When to consider a borrower “self-employed”
- What tax income can be used as qualified income from C Corp tax returns (1120)
- Calculate the qualified income that can be used from S Corp and partnership tax returns (1120S and 1065)
- How the CFPB wants you to determine a business’s financial strength from tax returns
- Determine the qualified Rental Income from Form 1040 Schedule E
- Find qualified investment and trust income
- TAKE-AWAY TOOLKIT
- QM income worksheet
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session is designed for anyone in the mortgage lending area including chief lending officers, loan underwriters, MSRs, sales persons, brokerage staff, loan officers, credit analysts, loan processors, branch managers, CEOs, and other key lending staff.
Webinar content is subject to copyright and intended for your individual credit union’s use only.