8:30 AM – 11:00 AM
MGIC – Self Employed Income Calculation
Presenter: Hali Plachecki
We’ll walk through the fundamentals of using tax returns as documentation of your borrower’s qualifying income, and cover these basic questions: When do I need tax returns? Why do I need them? What do I look at when I receive them?
Whether you’re new to analyzing tax returns or looking for a refresher, you’ll gain the critical skills that mortgage teams need — from assistants to underwriters.
During this session, we will:
– Review personal and business tax return forms and schedules
– Identify documentation required for various types of business structures
– Calculate qualifying income for a Sole Proprietor using the Schedule C form.
– Evaluating Partnerships (Form 1065) and S Corporations (Form 1120-S). Regardless of the type of business, we’ll teach you how to document, then calculate and analyze percentage of ownership and the impact on required documentation, Stability of K-1 income by evaluating distributions and/or liquidity, Impact of mortgage and notes payable in less than 1 year on qualifying income, Discuss the Corporation (Form 1120) and how it’s different from other business structures, Highlight special considerations when using income from the Corporation for qualifying

Hali Plachecki has been in the mortgage industry since 1987 and has worked in almost every mortgage-related function from pricing and origination to loan delivery and has held a variety of mortgage lending positions including retail, correspondent, and wholesale environments.  With over nineteen years of underwriting experience Hali has used that experience to train in the areas of the self-employed borrower, appraisal review, fraud, communication skills and much more.  Hali’s goal in every session is to remove the mystery and make the learning process as uncomplicated as possible!

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