Every day, 24 hours a day, except from 1 a.m. to 5 a.m. ET the first and third Sundays each month due to maintenance.
1. Borrower provides lender with tax returns during the application process.
2. Lender inputs borrower tax return data into Fannie Mae’s Income Calculator web interface. No NPI is collected.
3. Income Calculator generates an immediate response. The Findings Report is displayed to the originator on the web interface.
4. Lender reviews the Income Calculator Findings Report, paying careful attention to the documentation and data integrity messages.
5. Lender retains the Findings Report in the loan file.
6. Lender ensures the monthly qualifying income used for DU or manual underwriting is not more than the Income Calculator amount. Income Calculator never overrides data submitted to DU.
7. Lender ensures the loan file contains the documentation per the Income Calculator Findings Report.
8. Prior to delivery, the lender ensures the DU casefile ID is associated to Income Calculator. No Special Feature Code (SFC) is required.
9. If all conditions are met, the loan is eligible for enforcement relief from reps and warrants related to the income calculation.
1. Borrower provides lender with tax returns during the application process or authorizes technology service provider (TSP) to extract tax return data from an authoritative source (such as an e-filer).
2. TSP extracts data from tax returns and submits data to Income Calculator. No NPI is transmitted.
3. Income Calculator generates an immediate response. The Findings Report is relayed to the originator through the TSP interface.
4. Lender validates the accuracy of the data provided to the calculator by the TSP.
5. Lender reviews the Income Calculator Findings Report, paying careful attention to the documentation and data integrity messages.
6. Lender retains the Findings Report in the loan file.
7. Lender ensures the monthly qualifying income used for DU or manual underwriting is not more than the Income Calculator amount. Income Calculator never overrides data submitted to DU.
8. Lender ensures the loan file contains the documentation per the Income Calculator Findings Report.
9. Prior to delivery, the lender ensures the DU casefile ID is associated to Income Calculator. No Special Feature Code (SFC) is required.
10. If all conditions are met, the loan is eligible for enforcement relief from reps and warrants related to the income calculation.
