B3-3.1-10, Income Calculator (04/02/2025)
- Overview
- Findings Report
- Technology Service Provider
- Representations and Warranties Enforcement Relief
- Additional Requirements
Overview
Fannie Mae offers use of the
as an optional tool to assist lenders in calculating qualifying income. This tool can be used for loans underwritten manually or through DU.Findings Report
The Income Calculator Findings Report can be used to satisfy the requirement for the lender to prepare a written analysis of their evaluation regarding the calculation of qualifying income, such as Fannie Mae's Cash Flow Analysis (
), Comparative Income Analysis ( ) or a similar form. A copy of the Findings Report must be maintained in the loan file.Technology Service Provider
The lender can choose to use a Fannie Mae-approved technology service provider to extract data from tax returns and auto-populate the required fields within
.Representations and Warranties Enforcement Relief
When the amount of qualifying income being used by the lender is not more than the amount of income calculated by Income Calculator, enforcement relief from representations and warranties on the accuracy of the income calculation may be provided but lenders remain responsible for the accuracy of the information submitted. See Enforcement Relief of Representations and Warranties for Loans with Income Calculated by Income Calculator in
for additional details.Additional Requirements
For loans that use the qualifying income amount calculated by
, the lender must also comply with the requirements in the following table.✓ | Additional Lender Requirements |
---|---|
Confirm that tax returns meet the allowable age of documents requirements in | .|
Ensure all information submitted to Income Calculator is accurate, complete, and reflects the information on the tax returns being used to document the qualifying income. | |
Investigate and resolve any contradictory or conflicting information that may impact the accuracy of the income calculation. | |
Comply with all other Selling Guide requirements, including DU messages, when applicable. |
The table below provides references to recently issued Announcements that are related to this topic.
Announcements | Issue Date |
---|---|
April 02, 2025 | |
December 13, 2023 |