Overview
Income Analysis converts unique loan characteristics extracted from your borrower’s income documents into a dynamic actionable Task List. The Task List consolidates all possible items requiring your attention, including file deficiencies and opportunities to increase qualifying income, into one simplified workstream. You can perform your work directly in the Task List without having to navigate away to another tab or screen.
Tip: Reviewing the Task List is the recommended starting-point for each completed analysis.
Explore the Task List features
The Task List slide-out panel displays recommended tasks to review. The tasks listed are dependent on the income types, loan characteristics, and documents submitted for analysis. Explore the Task List features to learn more.
To access the Task List, select the Task List hyperlink located in the upper right-hand corner.
App Date: Use the App Date field to enter the date of the loan application for document age evaluation.
Task Checkbox: You can check tasks off your list to as you complete them by clicking the checkbox. Marking items as complete is optional and serves as a visual status only. Tasks marked as complete will include the date and the initials of the user that completed the task.
Comments: Click the Comments icon to add comments to a task. Comments are required to apply edits or updates to a specific task.
Report Options: Use the Report Options menu to generate an income report or final report to include with your loan file.
Investor Dropdown: Use the Investor dropdown to select an investor and change the analysis guidelines used.
> Symbol: Click the > Symbol to expand a task and view associated actions, additional functionality, or task details.
Update: Click the Update button once your task changes are complete.
View: Click View to view specific details about a task.
Review your tasks
The Task List will display tasks based on the results of your analysis and grouped by General, Wage, Self Employment and Rental categories. The following is the comprehensive list of tasks, brief description and permission(s) details.
General Tasks | Description | LO Permission Default |
|---|---|---|
App Date | Enter the application date for document age verification. If the investor selected for the loan is Freddie Mac, then immediately after updating the App Date a pop-up launches to update Freddie Mac AIM. Select the wage income sources to include, then click Send. | Editable |
DU Casefile ID | If you are expecting a Rep and Warrant (R&W) determination for Fannie Mae, then enter the DU Casefile ID number in the field outlined red and click Resend. | Editable |
Confirm EPC Income Source Matching | The Confirm EPC Income Source Matching task enables you to reconcile the income values stated in Encompass® with those calculated from the documents submitted to Income Analysis. Line items without a match will indicate “No Match”. Make a selection from the drop-down menu, then click Save. | Editable |
Update Missing Documents | The Update Missing Documents task identifies documents that would be beneficial to upload or documents that are missing, as determined by the investor selected for the analysis. To update the task status, select Requested, Received, or Not Required from the drop-down, then click Update. | Editable |
View Data Capture Comment | The View Data Capture Comment task allows users to view comments related to the state or quality of the documents uploaded to Income Analysis. Includes details like PDF document was cutoff or incomplete, for example. To view associated Data Capture comments, click the View button. | Read Only |
View Tax Return Comment | The View Tax Return Comment task displays problems and recommended actions based on the data extracted from uploaded tax returns. To access, click the View button. | Read Only |
View Opportunity List | The View Opportunity List displays a list of income opportunities that could be used for loan qualification, with applicable supporting documentation. The Loan Officer status is viewable and indicated with “LO” along with the accepted figure in brackets. To review and take action on an opportunity (Skip, Edit, or Accept), click the associated View button. | Editable for LO Adjusted |
Wage Related Tasks | ||
Wage Summary | The Wage Summary task provides summary information related to wage calculations. This is the best way to review all wage details for every employer on record. All calculations for each document and type (Base, Commission, Bonus, Overtime and Other) are displayed in single table, side-by-side. To review the wage summary information, click the associated > symbol. Hover over any underlined amount to view the underlying calculation. To update calculation settings and statuses, make your selections in the drop-downs and click Update. |
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Match Orphan W2s with Paystubs | The Match Orphan W2 with Paystubs task appears when there is both a Paystub and W2 with no match. If substantially different employer names appear between the paystub and W2 it may cause Income Analysis to treat them as separate employers, thereby overstating the income. To resolve the task, review the orphan W2s, then select the correct match from the drop-down menu and click Update. | Editable |
Multi-Year Paystubs (Variable Pay) | Underwriting often requests prior year-end paystubs to calculate a multi-year income amount for variable pay. This task enables you to update the income calculation for variable pay with information from prior year-end paystubs. If updates are made to the calculation, then click Update to apply the changes. | Read Only |
Potential Teacher Pay | The Potential Teacher Pay task appears when key terms like "school" and "board of education" are discovered in the employer's name. This task enables users the ability select a 10-month period for calculation. To apply this change, update the Months value to 10 and click Update. | Read Only |
Paystub Other Earning Assignment | The Paystub Other Earning Assignment task displays scenarios where earnings could not be be clearly assigned to one of the primary categories of Base, Bonus, Commission or Overtime. Any item that cannot be confidently assigned to one of the four categories will be assigned as “Other”. This task allows users to review the items and recategorize the earnings to another category. Review and reassign the earnings, then click Update. | Read Only |
Review Paystub Loans and Garnishments | This task displays when there are loans or garnishment items items found on the paystub for you to review. Income Analysis will not adjust income to account for these deductions. They are presented so that the user can update liabilities accordingly. Click View to access the Editing Paystub Base Value pop-up that includes details about the deductions. | Read Only |
Paystub for Potential SE Company | This task displays when there is a standalone orphan paystub on a loan where there is self-employment (SE). It is possible that the paystub name did not match thus causing the wage to be counted incorrectly. Click View to access details and deselect the item to exclude, if applicable. | Editable |
Inactive VOIs in Prior 2 Years | The Work Number (TWN) and other services may return VOIs for previous inactive employers. This task displays inactive employers in this section. Select View to review the inactive VOI details. | Read Only |
Merge Active-Inactive VOEs | This advanced task allows you to create a blended two-year calculation using active employer and inactive employer VOEs from the prior two years. To combine the pay histories, click Merge. Prior year histories will be combined to allow for a blended YTD + one or two year calculation selection. | Hidden |
Freddie Mac AIM Confirm Employment Start Dates VOE | If a VOE was ordered for the loan and OCR captured one or more companies and/or borrowers, then the VOE employment date(s) values will be populated. These fields are not editable. | Read Only |
Freddie Mac AIM Confirm Employment Start Dates 1003/LOS | For this task, enter the employment start date for each company and borrower. Click Update for each entry, separately, to submit to Freddie Mac AIM. | Editable |
Freddie Mac AIM Reference Number | Income Analysis will automatically populate these fields with the most current AIM Reference Number. Use the Copy icon to copy and paste the reference number from Income Analysis to LPA to obtain R&W relief. | Read Only |
Self Employment Related Tasks | ||
Confirm Business Start Dates | The Confirm Business Start Dates task enables users the ability to review and update start dates for businesses included in your analysis. To review the current start dates, click the associated expand icon. From here, you can modify start dates inside the date fields. Click Update to apply changes. | Editable |
View Fannie Mae Manual Options | This task enables users to review the Fannie Mae Manual Options returned by your income analysis. To review these options, click the associated business. From here, users make updates and resend for R&W relief. | Read Only |
Match Self Employed Companies | This task enables you to match a borrower’s prior companies, those without a matching tax year, to current companies. Select the match from the dropdown, then click Update. | Editable |
Update Business Ownership from 0% | This task appears if there are businesses that reflects 0% ownership. If ownership can be determined, update the information and resubmit to the GSE/Investor. | Read Only |
Resend Freddie | This task enables users to send updated calculations to Freddie Mac. To resend a file, click Send. | Editable |
Ensure Profit and Loss Capture | This task appears if a lender configured Income Analysis to require Profit and Loss (P&L) data to be entered. Clicking View will take the user to the Self Employed business drilldown section. P&L calculations are not used to verify R&W relief. | Read Only |
Rental Related Tasks | ||
Update PITIA | This task enables users the ability to update A/mo or TIA/mo as necessary. The PITI/mo and PI/mo is only editable in Encompass®. Click Update. | Editable |
Rental Matching | Address variations may prevent automatic matching; review single-year items for potential matches. | Editable |
Confirm Fannie Mae Rental Attestation | The Confirm Fannie Mae Rental Attestation task appears when the Rental Attestation needs to be completed and submitted to Fannie Mae for rental income R&W relief. Click View to access the attestation. Complete the attestation questions, update the PITIA, complete the Update Other Rental Info section, then click Send. | |
Note: Loan Officer permissions can be adjusted for each task. Access permissions and role responsibilities are determined and selected by the lender during Income Analysis configuration setup. Contact your Cotality Representative for assistance.
Outcome
You can open the Task List to review and complete loan-level tasks.