Update on Self Employment Income Analysis for Conventional Loans
Dear Licensed Partner,
Fannie Mae Announcement SEL-2016-05 (click here) clarified and updated the requirements on analysis and verification of qualifying income for self-employed borrowers.
Effective for all Conventional loans with application dates on or after October 3, 2016, Sun West will calculate the Self Employed Borrower’s Income or Loss per updated Fannie Mae handbook:
For additional questions not answered by the guideline, please email Sun West's underwriting scenario desk at firstname.lastname@example.org for more information.
If you have any questions, please contact your Client Relations Manager at (855) OK-SUNWEST or (855) 657-8693.
This information is provided to licensed brokers/lenders only and may not be copied or distributed to customers or potential customers. All loans are subject to approval. Certain restrictions may apply. Listed pricing is a morning indication only. Program rates, prices, guidelines, fees, costs, terms and conditions are subject to change without notice.