DTI & Income Verification - Selecting the Income Type

Step 1

The MLO or borrower will select the Income Type on the prequal application. 

Step 2 

• Salary or Hourly Wages: This option is chosen if the borrower has W2 employment
• Self-Employment: Chosen if the borrower is self-employed
• Benefits Income: This is chosen when the borrower’s income is derived from one or more of these sources: Social Security, Pension, Disability
• Rental Income: If the borrower receives income from rental properties owned, this is the option that is chosen
• Other: This can be chosen if the borrower has other income that is not outlined above (e.g.  child support, alimony, royalties, etc.)

NOTE: More than one income type can be chosen by the borrower or MLO. There is also the ability to enter two W2 incomes.

Step 3

Based on the income that is selected, the system will process the income as such