Rental Income Evaluation (Conforming Loans)
This document will review how to navigate the IncomeXpert analysis tool including the following topics
Step by step instructions
After you have entered into the borrowers file, click on the REO tab
Enter in the street address only to the description box.
Click the “+” button to create the rental calculator.
Note: To add additional properties, repeat these two steps
To evaluate the income for the rental property, click the magnifying glass to activate the calculator
Select the source of documentation that will be used to evaluate rental income (Lease or Schedule E)
Enter the tax years that will be evaluated for the rental property
Enter the months in service for the rental property.
IncomeXpert can also evaluate leases as the source of documentation if the borrower qualifies
Use the income analysis section to choose the correct qualified income analysis
- 1 Year Average
- 2 Year Average
- User override ignores all calculations and the user income submitted will be the qualified income