On Friday April 12th, 2024, LoanBeam version 24.4 introduced a new Wage Income Tab.  Beginning on May 13, 2024 the Wage Income Tab will capture and calculate income data from W-2 and Paystubs in the Freddie Mac Form 91 and FNMA SEI 1084 workbooks for all clients.  Please see below for FAQs about this change.

FAQs

• What is the "Wage Income" tab?
  • The "Wage Income" tab displays the income data for borrowers whose W-2/paystubs have been uploaded to LoanBeam.
• How will the "Wage Income" tab change my workflow?
  • The introduction of this tab will not change how you interact with LoanBeam. In the same way (and through the same integration) that you have always processed your LoanBeam applications, you will continue to handle them going forward. As of May 13^th, 2024, you are now able to upload your borrower’s paystubs, and that data will now be calculated as well.
• Which templates have the new Wage Income tab?
  • Freddie Mac Form 91
  • FNMA SEI 1084
• Will the new Wage Income tab affect my qualifying income calculations?
  • If paystubs are uploaded, the income calculations may use the paystub data instead of the 1040 Line 1z data. Users will be able to select one tab over the other.
• Can I view wage data in the Summary Sheet?
  • Yes, wage data will have a line item in the summary sheet.
• How do I use the "Wage Income" tab?
  • Detailed instructions on how to use the “Wage Income” tab is available here.
• Why doesn't the borrower's income appear in the wage tab?
  • For data to appear in the wage tab paystubs/w-2s will need to be provided. If you provided those documents, please contact our support team Here.
  • If your application was created before May 13^th 2024, it will need to be recreated in order to utilize the new wage tab functionalities.
• Does this update affect my service cost?
  • Your service cost will remain the same.
• What should I do if I have questions?
  • For any inquiries or issues related to the "Wage Income" tab, visit our help site Here or contact our support team Here.
• Which documents are supported for wage calculation?
  • Paystubs and W-2s
• Does LBI support my VOI/E statement?
  • Currently LoanBeam wage calculations are generated using paystubs and W-2s only. Calculations using VOI/E statements are targeted for upcoming enhancements.
• Can I submit one application if there is a wage earner and a self-employed earner on the same application?
  • Yes. LBI supports combined self-employed/wage earner applications.
• How many borrowers does LBI support per application?
  • Each LBI application supports up to two borrowers (who share a 1040) for self-employed income, and up to eight borrowers for wage earner income.