Overview
Income Analysis rapidly provides Fannie Mae® Rep and Warrant (R&W) results from an IRS Schedule E (Form 1040). The speed and accuracy of the results put you in control of your review immediately, empowering you to take decisive action and achieve the best outcome possible. This article provides guidance for loan officers (LOs) managing R&W in the Income Analysis tool accessed through Encompass Web.
Access Income Analysis
From Encompass Web, first select your borrower from the pipeline.
From the loan record, go to the left-hand navbar, click Services, and select All Services.
From the All Services page, click the Launch icon to the right of the CoreLogic Income Analysis accordion panel.
The Income Analysis window will open.
Complete Rental Income Attestation
Income Analysis automatically opens the FannieMae Rental Attestation dialog when rental income is submitted. Review the dialog and respond to the prompts. When necessary, you will also update PITIA figures from the Schedule E value to the most current figures in this dialog.
Note: If the FannieMae Rental Attestation dialog does not open automatically, go to the Rental section and click Resend to Fannie Mae.
To update PITIA:
In the FannieMae Rental Attestation dialog, scroll to the Update PITIA section.
Enter current figures in the PITI/mo and A/mo fields and click Update.
Manage Fannie Mae Rep and Warrant Relief
When Income Analysis receives all of the necessary data, rental income from Schedule E submissions is automatically processed by Fannie Mae to confirm income accuracy and loan eligibility for Rep and Warrant Relief. The Rep and Warrant Relief status for your order will be reflected by the appearance of the FNMA summary block.
To view the FNMA summary block:
From the Income Calculation tab, scroll to the Rental section and click the Schedule E Rental Income accordion toggle.
The FNMA summary block will show to the right side of each property record under Schedule E Rental Income.
The FNMA summary block will contain the income calculations, and the color of the block will signify the Rep and Warrant Relief status. Rep and Warrant Relief status is displayed by the summary block with the following color code:
Green: When the FNMA summary block is outlined green, Fannie Mae has confirmed the submitted rental income for Rep and Warrant Relief. Income figures are locked in this scenario, preventing further edits.
Yellow: An FNMA summary block outlined yellow indicates that no DU Casefile ID has been provided.
Red: When the FNMA summary block is outlined red, either the submitted rental income has not been confirmed for Rep and Warrant Relief, or the rental income attestation must be completed and submitted.
If the block shows yellow and you need to provide a DU Casefile ID:
Click the FNMA summary block, enter the ID in the DU Casefile ID field, and click Resend.
If the block shows red and you have completed the rental income attestation, Fannie Mae has determined that the income does not meet Rep and Warrant Relief criteria.
Output Options
You can generate a PDF of the Income Analysis report from the Income Analysis window in the following ways.
Click Output Options and select View PDF to download a local PDF copy of the report.
Click Output Options and select Send PDF to eFolder to send a copy of the PDF to your Encompass eFolder.
Update LOS
You can update Encompass with the Fannie Mae monthly income figures from Income Analysis by clicking Update LOS, just to the right of Output Options.