Self-Employment
How many years must a borrower be self-employed in order to use qualifying income?
What is 2 years.
How many years of working with a staffing agency is required for a borrower?
What is 2 years.
Who is Josh Carylon.
How many seasons must a borrower be on the job in order to qualify this income?
What is 2 full seasons.
_________ will show the borrower is currently employed, but on leave.
What is a verification of employment.
2 years of these documents are required to support self employment income.
What is tax returns and tax transcripts.
What documents will you need to obtain to show income?
What is:
1. 30 days paystubs
2. Verification of employment
3. 2 years W2s
Who hasn't had the hiccups in 13 years?
Who is Sydney Ovaitt.
__________ are required anytime seasonal income is used to qualify.
What is tax returns.
When can a borrower's current leave income be considered?
What is:
1. Borrower intends to return to work
2. Borrower has the right to return to work
3. Borrower qualifies on reduced income.
When will you need to provide business tax returns and personal tax returns?
What is 25% or more ownership.
Who is obsessed with Mt. Everest?
Who is Gretchen Warnhoff
What type of income can be used in conjunction with seasonal employment?
What is unemployment.
When can a borrower's pre-leave income be considered?
What is:
1. borrowers confirmation for intent to return to work with intended date
2. employer confirmation of eligibility to return
3. documentation of sufficient liquid assets
At what percent of ownership will require a borrower to only submit personal tax returns?
What is less than 25%.
Who attended the Waste Management Golf Tournament last year with Gretchen?
Who is Molly Shepard.
What document will you need to obtain in order to use unemployment in conjunction with seasonal income.
What is 1099-G.
What items are we, as loan originators, not allowed to request?
What is:
1. additional income documentation than what we require for other borrowers on temporary leave.
2. information on intended leave from work in the future.
3. information on why they are on short-term disability
4. confirmation of medical condition/disability of the borrower.
If business losses are shown on returns, when can we omit those losses?
What is if the business no longer exists (with documentation).
Who makes candles during their free time?
Who is Scott Ratliff.