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May 2024 LoanBeam Update
Date: May 13, 2024
Summary of changes
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 a summary of the functionality. Additional information can be found in the updated Wage Income Tab FAQs and in our updated LoanBeam Workbook User Guide.
Workbook Enhancements
Wage Income Tab
The new Wage Income tab was designed as a convenient way to capture and calculate income data from W-2 and Paystubs.
- Summary Sheet updates
- Freddie Mac Form 91 Workbook
- A “Wages (Paystubs/W-2)” row will display Qualifying Income from Paystubs/W-2 documents for borrowers 1 and 2. The Other borrower is a catch-all bucket for any Paystubs.W-2 that may not be a 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.
- Freddie Mac Form 91 Workbook
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.
- Addition of a “Wages (Paystubs/W-2)” row.
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.
