Magic Minutes training series
Count on MGIC’s on-demand video series to expand your mortgage industry knowledge in 15 minutes or less.
Evaluating & Calculating Borrowers’ Income
Efficiently assess whether a borrower will be able to make a new mortgage payment AND meet their other monthly obligations. Watch this training series on evaluating and calculating borrowers’ income, broken down into individual modules that each focus on a specific type of income.
Qualifying income
Learn how to analyze borrowers’ qualifying income and review documentation for eligibility based on the type of income (fixed or variable).
Calculating fixed income
Get tips to determine the difference between bi-weekly and semi-monthly pay and learn the importance of validating income documentation.
Calculating variable income
Assess a file's overall risk and discover some helpful rules and guidelines for calculating changing income: commissions, overtime, shift differential and bonuses.
Non-taxable income
Increase qualifying income by exploring non-taxable income, like Social Security, child support and alimony, and learn how to “gross up” non-taxable portions.
Challenging income
Prepare yourself for calculating the income of borrowers who are teachers, seasonal and union workers, postal workers, or military personnel.
Income conundrums
Calculate unusual scenarios: 1099 income (travel nurses, clergy, truck drivers), temporary leave, unemployed with job offer, or ineligible income.
Restricted stock units (RSUs)
Discover how to document, analyze and calculate RSU income. Learn how to identify income eligibility, then follow along with 2 case studies.
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