Income Flashcards
1
Q
What income documents are typically required in a borrower file?
A
Paystubs, W2, tax returns, transcripts, VOE, automated income report
2
Q
What two income documents MUST match when both are required?
A
Tax returns (borrower prepared) and transcripts (IRS prepared)
3
Q
What is Loan Beam?
A
Self employment stability calculator; will read, analyze and automatically calculate income from borrowers uploaded tax documents
4
Q
What information is required for base pay qualification?
A
Pay stubs, verbal VOE, W2s
5
Q
If a borrower is qualifying with more than base pay income, what type of VOE is required?
A
Written VOE (WVOE)
6
Q
What is form 4506 used for?
A
To request a copy of tax returns
