Calculating Base Income - Genworth Financial
Calculating Base Income
December 2019
?2019 Genworth Financial, Inc. All rights reserved.
Agenda
What we will cover
? ATR ? The Mortgage Application 1003 ? Verifying Employment History ? Verifying Employment Income
? Verification of Employment (1005) ? Paystubs ? W2's ? Verbal Verification of Employment (VVOE) ? 4506T
? Fannie Mae & Freddie Mac References ? Genworth Website ? Helpful tools
Review and Calculate Base Income
1
Ability-to-Repay (ATR) Rule
Key concepts of the rule:
? The creditor must make a reasonable and good faith determination that the consumer has the ability to repay the loan.
? Mortgage borrowers must provide ample financial documentation; lenders must verify the documents.
? In order to be approved for a particular home loan, the borrower must have sufficient income and assets to repay the loan.
Review and Calculate Base Income
2
The Mortgage Application 1003/65
Review and Calculate Base Income
3
URLA Page
Review and Calculate Base Income
4
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