LoanBeam Tax April 2024 Release
LoanBeam Tax April 2024 Release
Date: April 12, 2024
Summary of changes
In preparation for the full release of Loanbeam Income at the end of Q2 2024, the Freddie Mac Form 91and FNMA SEI 1084 Workbooks are being updated with a new Wage Income tab.
Important Note! The changes described below are aesthetic only. There will be no changes to workbook functionality with these additions. They will support upcoming functionality releases.
Workbook Enhancements
The new Wage Income tab was designed as a convenient way to capture and calculate income data from W-2 and Paystubs.
Users will be informed that the tab is currently not used via a message at the top of the tab.
More information will be provided as we get closer to the full release toward the end of Q2 2024.
- Summary Sheet updates
- Freddie Mac Form 91 Workbook
- Addition of a “Wages (Paystubs/W-2)” row, which will display Qualifying Income from Paystubs/W-2 documents for borrower 1 and 2. The Other borrower is a catch all bucket for any Paystubs.W-2 that may not be match to one of the 2 borrowers in the application.
- Dynamic Wage functionality.
- If paystubs aren’t present in the file, wages will instead be taken from Line 1z of 1040 and displayed on the “Wages (Line 1z Form 1040)” line of the Summary Sheet. Users will be given a choice on whether to use wages from the 1040 or from paystubs.
Important Note! LoanBeam will handle more than two borrowers for wage calculations, but any borrower outside of the primary and secondary are combined into the “Other Wage Borrowers’ Income” column. Use the “Wage Income” tab for detailed breakdown of income data by borrower.
- FNMA SEI 1084 Workbook
- Addition of a “Wages (Paystubs/W-2)” row.
- Addition of a “Wages (Paystubs/W-2)” row, which will display Qualifying Income from Paystubs/W-2 documents for borrower 1 and 2. The Other borrower is a catch all bucket for any Paystubs.W-2 that may not be match to one of the 2 borrowers in the application.
- Dynamic Wage functionality.
- If paystubs aren’t present in the file, wages will instead be taken from Line 1z of 1040 and displayed on the “Wages (Line 1z Form 1040)” line of the Summary Sheet. Users will be given a choice on whether to use wages from the 1040 or from paystubs.
Important Note! LoanBeam will handle more than two borrowers for wage calculations, but any borrower outside of the primary and secondary are combined into the “Other Wage Borrowers’ Income” column. Use the “Wage Income” tab for detailed breakdown of income data by borrower.
