Loan Beam is required to calculate income for Self-employed borrowers that file a Partnership, Corporation or S-Corp Business Tax Return. This tool is optional for Schedule C Self Employment Income, as those borrower’s income calculations are less complex than other self-employed borrowers. This service should be run in FT360 by the Loan Officer or Processor upon origination. Instructions for use and video tutorials can be found below via the "here" links.
If you have any questions or have trouble accessing the Qualifying Income statement, please contact LoanBeam support at firstname.lastname@example.org or call our LoanBeam help line # (855)544-2326(BEAM) option 1 for any assistance.
PRMG uses LoanBeam to assist with calculation of Self-Employed Income. It is available directly from within FT360 (Encompass), and general instructions on how to access the service and a high level overview of the results can be found here.
LoanBeam is a software solution that uses Optical Character Recognition (OCR) technology to extract data from tax documents and automatically calculate income worksheets, with a first pass at income calculations. Users submit 1040s, 1065s, K-1s and many additional tax documents then select from standard income calculation formats like Form 1084, Form 91 or a custom format for output. After the documents are processed (time varies based on complexity of the returns), users have a preliminary income amount that can be used to begin moving the borrower through the mortgage application process.
LoanBeam provides on demand training, as well as weekly webinars on the software, which can be accessed here. The on-demand courses can also be accessed by clicking on the course name below.
- Processors and Loan Officers should consider taking the Encompass File Prep for LoanBeam: Uploading and Downloading course, which will provide users the ability to navigate LoanBeam’s Encompass interface, upload Tax Returns to LoanBeam using Encompass, classify and resolve missing document notifications in Encompass and navigate LoanBeam’s Help Desk.
- For additional training on LoanBeam functionality, consider taking:
- LoanBeam 101: Workbook Fundamentals which allows users to assess qualifying income using a LoanBeam workbook, demonstrate an ability to adjust qualifying income using LoanBeam’s basic functions, understand LoanBeam concepts such as “repeated income groups,” “manual overrides,” and “X to include/exclude” and recognize the difference between standard templates (Form 91, FNMA SEI 1084, and SAM).
- LoanBeam 201: Advanced Workbook Scenarios & Troubleshooting which allows users to identify issues related to non-borrower income documents, demonstrate an ability to combine income contained in split repeated income groups, determine income based on liquidity testing (FNMA method) and reconcile business entity changes (e.g., Sole Proprietorship to LLC)