Overview
AutomatIQ® Borrower Income Analysis uses Optical Character Recognition (OCR) to calculate income from income documents and applies the data to Federal Housing Administration (FHA), Veterans Affairs (VA), Fannie Mae®, and Freddie Mac® loan products. The following forms and documents, handwritten or typewritten, are supported to ensure accurate financial assessment.
Acceptable OCR Forms and Documents for Income Analysis Order
Short Name | Full Form Name | Description |
|---|---|---|
1099 | Various | Form to report various types of income like freelance earnings or interest payments. |
CIVILIAN LES | Civilian Leave and Earnings Statement | Leave and Earnings Statement for civilian government employees. |
DISABILITY INCOME | Disability Award Letter | Official document that confirms an individual’s disability benefits. |
IRS 1040 | IRS Form 1040 (2023) - U.S. Individual Income Tax Return | Standard form for individual income tax returns in the U.S. |
IRS 1040 SCHC | IRS Form 1040 Schedule C (2023) - Profit or Loss from Business | Profit or loss statement for self-employed individuals or sole proprietors. |
IRS 1040-SR | 1040-SR (2023) - U.S. Tax Return for Seniors | Simplified tax return form for seniors aged 65 and older. |
IRS 1065 | IRS Form 1065 (2023) - U.S. Return of Partnership Income | U.S. tax return for partnerships to report income, deductions, and credits. |
IRS 1065 SCHM-3 | IRS Form 1065 (2023) - U.S. Return of Partnership Income Schedule M-3 | Form to reconcile financial statement income with taxable income for partnerships. |
IRS 1120 SCHG | IRS Form 1120 Schedule G - Information on Certain Persons Owning the Corporation's Voting Stock | Form used by corporations to report information about certain shareholders and related party transactions to the IRS. |
IRS 1120 SCHM-3 | IRS Form 1120 (2023) - U.S. Corporation Income Tax Return Schedule M-3 | Form used to reconcile financial statement income with taxable income for corporations. |
IRS 1120S SCHM-3 | IRS Form 1120S (2023) - U.S. Income Tax Return for an S Corporation Schedule M-3 | Form used to reconcile net income differences for S corporations filing tax returns. |
IRS 1125-E | IRS Form 1125-E - Compensation of Officers | Form for reporting officer compensation in certain corporations. |
IRS 2555 | IRS Form 2555 Foreign Earned Income | Form enabling U.S. citizens while living or working abroad to claim foreign-earned income exclusion. |
IRS 4562 | IRS Form 4562 Depreciation and Amortization | Form to claim depreciation and amortization deductions for assets. |
IRS 4797 | IRS Form 4797 Sales of Business Property | Form to report the sale or exchange of business property, including gains or losses. |
IRS 4868 | IRS Form 4868 Extension | Application form for an automatic income tax filing extension. |
IRS 6252 | IRS Form 6252 Installment Sale Income | Form to record income from installment sales. |
IRS 8825 | IRS 8825 - Rental Real Estate Income and Expenses of a Partnership or an S Corporation | Form used by partnerships and S corporations to report rental real estate income and expenses from properties owned by the entity. |
MILITARY LES | Leave and Earnings Statement | Leave and Earnings Statement for active-duty military personnel. |
PAYSTUB | Various | Document provided by an employer that shows employee earnings, taxes withheld, and other pay period deductions. |
SOCIAL SECURITY INCOME | SSA-1099 Award Letter | Document that reflects total Social Security income benefits received in a year—typically for retirees. |
VETERANS DISABILITY | Veterans Affairs Award Letter | Document showing compensation provided to veterans with service-related disabilities. |
VOE/I | Verification of Employment/Income Forms | Verification of employment and income form for borrowers or applicants. |
W-2 | IRS Form W-2 - Wage and Tax Statement | Official tax form issued by an employer that reports employee wages, taxes withheld, and other payroll data. |
W-2 C | IRS Form W-2 - Wage and Statement Corrected | Corrected version of the W-2 form for errors found after issuance. |