Fillable Form 2: Self Employed Income Analysis

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Form 2: Self Employed Income Analysis

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All loans must meet requirements posted in KnowledgeOwl (KO). In the event of any conflict with this document, KO guidelines will govern. 11/17/2020
Use this job aid for self-employed borrowers on FNMA or FHLMC loan products to ensure that the COVID-19
requirements announced in 2020-19 / LL-2020-03 are met.
Income Calculation / Comparison
1. Obtain standard income documentation (follow AUS requirements) and one of the
following:
A. An audited YTD
1
profit and loss statement, OR
B. An unaudited YTD
1
profit and loss statement and 3 months
2
business account statements
1
P&L must:
• cover the most recent month preceding the application date, an
d
• be
dated ≤ 60 calendar days prior to the note date
2
Bank statements must be no older than the latest 3 months represented on the P&L
• For example, a P&L through 05/31/2020 requires April and May bank statements
2. Calculate income using existing Fannie Mae or Freddie Mac guidelines, as applicable, using FNMA Form
1084 / FHLMC Form 91.
E
nter the monthly amount here:_____________
3. Calculate YTD Earnings using P&L:
_____________ Net Income
+____________ Depreciation
+____________ Depletion
+____________ Amortization / Casualty Loss
+____________ Other Non-Recurring Loss
_____________ Total YTD Income_____________
Note: Items may only be added back if they appear on the P&L.
4. Compare the P&L to the business tax returns or Schedule C, as applicable.
Year 1
___________
Year 2
___________
P&L
# of months covered
Gross Receipts
Total: __________
Per month:__________
Total:__________
Per month:__________
Total:__________
Per month:__________
Total Expenses
Total:__________
Per month:__________
Total:__________
Per month:__________
Total:__________
Per month:__________
Net Income
Total:__________
Per month:__________
Total:__________
Per month__________
Total:__________
Per month:__________
X
5. For unaudited P&L only, confirm that account statements support / are not in conflict with the information
included on the P&L.
Total Deposits
(statements) / Gross
Receipts (P&L)
Total Withdrawals
(statements) / Total
Expenses (P&L)
Ending Balance
(statements) / Net
Income (P&L)
Month 1
Month 2
Month 3
P&L (from above)
X
Business Stability and Impact of COVID-19
6. Underwriting must assess the stability and continuance of income and indicate whether or not the income
may be used in qualifying.
FNMA / FHLMC COVID-19
Self Employed Income Analysis
# of months included in P&L: _________
B
orrower’s percentage of ownership: _______
0.00
0.01
0.00
0.00
0.00
0.00
0.00
0.00
All loans must meet requirements posted in KnowledgeOwl (KO). In the event of any conflict with this document, KO guidelines will govern. 11/17/2020
The following can be used to analyze the income stability. Obtain explanation(s) and/or additional documentation when
available to support the responses below. Examples include, but are not limited to, additional business bank
statements, current balance sheet, a month-to-month trending analysis, an updated business plan, internet searches,
current business receipts or contracts for new work.
A. Is there a demand for the produc
t or service currently offered by the business? ____ Yes ____ No
B. Do local / state orders (i.e. shelter in place) restrict the operation of the business? ____ Yes ____ No
C. Has there been an increase in cost or expenses related to maintaining the business? ____ Yes ____ No
D. If there is a decrease in income, can it be assumed that the income will:
• Go back to pre-COVID levels? ____ Yes ____ No
____ Temporary restrictions lifted and business will operate at full capacity.
____ Other:
• Continue at the lower amount? ____ Yes ____ No
____ The business has been modified to support continued business / income.
____ The decline was related to supply-chain issues, but have been resolved.
____ The business is not operating at full capacity (less employees).
____ Other:
E. Does the business have documented liquid assets or access to additional capital (do not include SBA Payroll
Protection Plan (PPP) or similar COVID-19 related programs)? ____ Yes ____ No
Ad
d comments to support business stability / instability.
Use of Income
If the self-employed income can be classified as stable, the income can be used as follows. Select one.
____ Income is the same or has increased (YTD vs tax returns). Use standard calculation (Step 2).
____ Income has declined. Use the YTD, based on P&L (Step 3).
If the income has declined and has not stabilized, the income cannot be included for qualifying.
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Form 2: Self Employed Income Analysis

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Completed 18 February 2021

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