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Foundations on Demand

Basics of Income

Understand & calculate basic types of borrower income.

Introduction

Base Pay

Overtime Commission and Bonuses

Tips Gratuity and Part-Time

Second Job and Multiple Job Families 

Gaps in Employment and Job Changes 

Unemployment Income and Contractual Employees 

Additional Ways to Verify 

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Get acquainted with the mortgage banking industry and boost your knowledge of existing staff with usable income types.

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Learn how to calculate base income in a variety of scenarios.
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Tackle the nuances, necessary documentation and sources for overtime, commissions and bonuses as qualifying income.
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Understand which documents validate tips and gratuity, as well as part-time income. Complete the corresponding workbook section.

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Explore the main considerations for second job income and borrowers with multiple jobs.
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Learn what to ask when verifying job changes and employment gaps. You’ll also explore the key factors in determining the stability of income.
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Understand the basics of using unemployment income and what considerations are used for contractual work.
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Explore additional ways to verify employment and income in the corresponding workbook section.

There is no video for this lesson. Complete the corresponding section of the workbook and continue.

 

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8 Training Lessons

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