QC Focus: Fannie Mae's Free Income Calculator Tool
Fannie Mae offers valuable resources to help you stay on top of your loan quality control. We’re sharing a quick look at a free online resource from Fannie to help your underwriting team make quality decisions.
Simplify Income Calculations
Fannie Mae's free online Income Calculator is a powerful tool for accurate rental and self-employment income calculations. It can link to your AUS, reducing risk and potentially offering representation and warranty relief. A must-use for loan officers, underwriters, and QC.
Why should you be using it?
Accuracy & Efficiency: The calculator helps ensure precise income calculations, aligning with Fannie Mae's Selling Guide policy.
Reduced Risk: By using this tool, lenders may be eligible for representation and warranty relief on the income calculation for conventional loans, significantly minimizing repurchase risk.
Seamless Integration: It can be linked directly to your Automated Underwriting System (AUS), offering a more streamlined workflow.
Supports Various Income Types: It handles self-employment income (Schedules C, E), business ownership (Forms 1065, 1120-S, 1120, 8825), and rental income.
The team at SCA is ready to talk about your underwriting process and how to properly integrate industry tools like this Income Calculator to improve accuracy and efficiency. Connect with us by contacting our Director, Bill Dolan, at wdolan@scapartnering.com or by phone at (617) 694-2617.
