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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 

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

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

 

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Learn how to calculate base income in a variety of scenarios.
Tackle the nuances, necessary documentation and sources for overtime, commissions and bonuses as qualifying income.

Understand which documents validate tips and gratuity, as well as part-time income. Complete the corresponding workbook section.

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

 

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

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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