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Genworth Mortgage Insurance Corporation ©2018 Genworth Financial, Inc. All rights reserved.
Self-Employed Borrower
Fannie Mae Cash Flow Form 1084 Part IPersonal Tax Returns
January 2018
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Investors (Fannie Mae, Freddie Mac, Private Investors) require it be
determined that self-employed borrowers demonstrate the financial
ability to repay the mortgage.
– History
– Income calculation
– Continuance / Stability of income
Lender Responsibility
2Fannie Mae Cash Flow Analysis Form (Form 1084) Pt I
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7Fannie Mae Cash Flow Analysis Form (Form 1084) Pt I
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8
Self-Employed Calculators
Fannie Mae Cash Flow Analysis Form (Form 1084) Pt I
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9Fannie Mae Cash Flow Analysis Form (Form 1084) Pt I
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Self-Employment Fannie Mae
10Fannie Mae Cash Flow Analysis Form (Form 1084) Pt I
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Self-Employment Fannie Mae
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When Is a An Analysis of Income Required?
Fannie Mae 2016 Selling Guide B3-3.2-01, Underwriting Factors and
Documentation for a Self-Employed Borrower (10/24/2016)
12Fannie Mae Cash Flow Analysis Form (Form 1084) Pt I
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Written Analysis of Income-Fannie Mae
13Fannie Mae Cash Flow Analysis Form (Form 1084) Pt I
Fannie Mae 2016 Selling Guide B3-3.2-01, Underwriting Factors and
Documentation for a Self-Employed Borrower (10/24/2016)
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Can checking the Self Employed Indicator to “Yes”
increase the risk of the loan when evaluated by DU?
YesNo
Does Borrower Own 25% Or More Of A Business?
16Fannie Mae Cash Flow Analysis Form (Form 1084) Pt I
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You’ll Need
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The Case Study
:You will be working with John and Mary Homeowner who
– Own a Schedule C business called Red Carpet Security (John)
– Have interest income earned from a partnership and personal assets
– Have capital gains/loss activity reported on a Schedule D
– Own an existing rental property shown on a Schedule E
– Own 50% of an LLC called MHI (Mary)
• Reported on a Partnership Return Form 1065
• Mary receives a K-1
– Own 100% of an S Corporation called Always Watching Security, Inc. (John)
• John receives a K-1
• John receives a W-2 Wage Statement from the business
• Receives an 1120S Business Tax Return
18Fannie Mae Cash Flow Analysis Form (Form 1084) Pt I
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:Review for
– Identifiers
• Name
• Address
• Social Security Number
– All pages and schedules
– Any Red Flags
– Date
• Most recent
– Signatures
Form 1040
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Calculator and Quick Reference Guide
Access your Quick Reference Guide 1084 Form and Case Study
20Fannie Mae Cash Flow Analysis Form (Form 1084) Pt I
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Does Our Applicant Have Ownership?
?Is this W-2 wage for Self-Employed or Salary income
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Schedule E to Validate Ownership
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1120S K-1
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Review Form 1040, Line 7 for any additional W-2 Wages
– Review each W-2
– Determine if applicant owns 25% or more of the business
• If yes it is considered self-employed income
• If no, calculate that income on a different form or separately
Any Other W-2 Wages?
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Interest and Dividends
Don’t use unless needed for
qualifying
– Two year history of stable receipt and
likelihood of continuance required
– Only use when earned from assets
owned by “a business only”
– Typically will say “From K-1” or from
the business the borrower owns
– Check investor overlays before using
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Schedule C
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Schedule C
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Schedule C
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Schedule C
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Schedule C
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Schedule C
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Schedule C
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Schedule C
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Schedule C
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Schedule C
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Schedule C
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Schedule C
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Schedule C
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Schedule C
.Only the $2,500 amortization is added back on the form or calculator
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Schedule C-Line 9 Car and Truck Expenses
Use This Depreciation Adjustment Option Only When Investor Policy
Allows And The Adjustment Is Needed To Qualify.
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Schedule C
Additional depreciation can be found by multiplying business miles on
44a x IRS depreciation factor for that year.
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Schedule C
Use This Depreciation Option Only When Investor Policy Allows And The
Adjustment Is Needed To Qualify
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Schedule C
Verify 4562 is for the Schedule C
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Schedule C
Business miles of 7899 x .24 cents = $1,895 in additional
depreciation that could be added back.
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IRS Publication 463
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Schedule C
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Schedule D Capital Gains
Don’t use unless needed for qualifying
– Two year history, stable receipt and likely
to continue
– Check investor overlays before using
– Let’s Review the 1040 Line 13
52Fannie Mae Cash Flow Analysis Form (Form 1084) Pt I
Pages 2, 8, 9
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Schedule D
Where Did The $16,544 Loss On Line 6 Come From? The
1040 Showed A $3,000 Loss.
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Schedule D
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– Locate Calculator and Quick Reference
Guide for Rental Income
– Turn to Schedule E, Part I, Rentals
– Rental Income has been removed from
the Cash Flow Analysis Form
Genworth Rental Income Calculator
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Mortgage Statement/Payment Coupon
:A mortgage statement/payment coupon can verify
– If loan is impounded or escrowed
– What property is associated with the mortgage payment
– Current tax and insurance information
– Current HOA dues: most investors want verification PUD, Condo or Coop
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Mortgage Statement/Payment Coupon
59
For Non-Impounded Loans: Obtain Tax And Insurance Information.
Fannie Mae Cash Flow Analysis Form (Form 1084) Pt I
Payment Information Below Is From a Borrower Provided Mortgage
Statement And HOA Coupon.
– Taxes, Insurance and HOA Dues are Impounded
HOA DUES $165
$1,687
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2016 Schedule E Rental Income
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2016 Schedule E Rental Income
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2016 Schedule E Rental Income
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2016 Schedule E Rental Income
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2016 Schedule E Rental Income
70Fannie Mae Cash Flow Analysis Form (Form 1084) Pt I
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71Fannie Mae Cash Flow Analysis Form (Form 1084) Pt I
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2016 Schedule E Rental Income
72Fannie Mae Cash Flow Analysis Form (Form 1084) Pt I
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73Fannie Mae Cash Flow Analysis Form (Form 1084) Pt I
Page 10
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2016 Schedule E Rental Income
74Fannie Mae Cash Flow Analysis Form (Form 1084) Pt I
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75Fannie Mae Cash Flow Analysis Form (Form 1084) Pt I
Page 10
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2016 Schedule E Rental Income
76Fannie Mae Cash Flow Analysis Form (Form 1084) Pt I
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2016 Schedule E Rental Income
77Fannie Mae Cash Flow Analysis Form (Form 1084) Pt I
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Compare “rental income” figure with
loan application (Fannie Mae Form
1003)
– Most systems calculate rental income
from the REO section of the 1003
– Review the 1003 to verify what appears
as rental income/rental loss
– If the number is different, override your
system to reflect the true income/loss
based on the tax returns
Net Rental Income
$-131
78Fannie Mae Cash Flow Analysis Form (Form 1084) Pt I
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Net Rental Income
.Do not use leases; Use the “Cash Flow” from the property
– Flag the mortgage payment in your system as a rental property lien so that it will
NOT count it in the debt ratio
– You may need to override your REO Section
44 Renters Way225,000 180,400 3,500 2,500 875 -131
$1,852
79Fannie Mae Cash Flow Analysis Form (Form 1084) Pt I
R
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Fannie Mae Cash Flow Analysis Form (Form 1084) Pt I 80
Training Tools and Information
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Training Tools and Information
Fannie Mae Cash Flow Analysis Form (Form 1084) Pt I 8181
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82Fannie Mae Cash Flow Analysis Form (Form 1084) Pt I
Additional MI Site Information
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83Fannie Mae Cash Flow Analysis Form (Form 1084) Pt I
➢ ActionCenter®: 800 444.5664
➢ Your Local Genworth
Regional Underwriter
➢ Your Genworth Sales
Representative
Your Genworth Resources
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84Fannie Mae Cash Flow Analysis Form (Form 1084) Pt I
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