Employed Borrowers Using a VOE

This article will review how to navigate the IncomeXpert income analysis tool for employed VOE 

Step by step instructions

Add EMPLOYED income to your Borrower on the BORROWER page.


 

On the income tab choose the borrower the income is being evaluated for
Click the magnifying glass next to the employed calculator

• Ensure the VOE is the source of documentation for the income
• Enter gross rate of pay
• Enter pay frequency
• Adjust pay periods ONLY in special circumstances
  • Example: a teacher is paid semi monthly only ten months per year adjust the pay frequency to twenty payments)
• Enter pay period end date
• If borrower has under 36 months of employment uncheck the box and enter start date
  • If income is current employment leave the "current job?" field seleted

Enter the data received on your VOE

Pay note of the trending arrows

• Green up arrow: the income is stable or increasing
• Red down arrow: the income has declined from the previous year
• Yellow arrow: the income had decreased, but recovered / stable since previous year
• The top number (16.1% on base) is actual change of income from 2020/2021
  The bottom number (5.0% threshold Base) is company setting to "trigger" declining income

Choose the correct income analysis radio button for your scenerio.

IncomeExpert recommends an income but final income selection is at the discretion of the client