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Wage Income tab FAQs

LoanBeam version 24.4 will be released on Friday April 12th, 2024. In this release a new Wage Income Tab will be added to the Freddie Mac Form 91 and FNMA SEI 1084 workbooks. This change is in preparation for the full release of LoanBeam Income at the end of Q2 2024. Please see below for FAQs about this change and the attached release notes for further details.

 

FAQs

  • What is the "Wage Income" tab?
    • The  "Wage Income" tab will display the extracted income data and qualifying income for wage earner borrowers whose paystubs have been uploaded to LoanBeam.
  • How will the "Wage Income" tab change my workflow?
    • The introduction of this tab will not change the way you interact with LoanBeam whatsoever. In the same way (and through the same integration) as you process your LoanBeam applications will be the same way you handle them going forward. Very soon, however, you’ll be able to upload your borrower’s paystubs and those data will 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?
    • Initially, the new Wage Income tab will not change your income calculations at all. In upcoming releases, a better, more refined, income calculation will be provided for borrowers’ wages if supporting documents (i.e., paystubs, W-2s) are uploaded.
  • Can I view wage data in the Summary Sheet?
    • Yes. However, initially, total qualifying wage income will be handled the same way it always has – using Line 1z of the borrower’s 1040.
  • How do I use the "Wage Income" tab?
    • Initially, only a select group of lenders will have access to the Wage Income tab results. In an upcoming release, however, you’ll just need to upload paystubs and W-2s for your wage earners to see a qualifying income calculation.
  • Why doesn't the borrower's income appear in the wage tab?
    • Initially, only a select group of lenders will have access to the Wage Income tab results, so it is not unexpected for your tab to be blank even if you’ve uploaded paystubs. This will change in an upcoming release.
  • Does this update affect my service cost?
    • No. No changes to pricing. 
  • What should I do if I have questions?
    • For any inquiries or issues related to the "Wage Income" tab, visit our help site or contact our support team at [email protected]
  • When will the "Wage Income" tab become fully operational?
    • The full functionality of the "Wage Income" tab is expected to be rolled out in Q2 2024. Please watch for further communications regarding this update.
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  • 29-Mar-2024
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