Magic Minutes training series
Count on MGIC’s on-demand video series to expand your mortgage industry knowledge in 15 minutes or less.
Analyzing Self-Employed Income
Calculating the qualifying income of a self-employed borrower can be challenging. These videos can help you to better analyze if the business will continue to generate and distribute income, and whether your borrower will be able to make future mortgage payments.
Eligibility requirements
Learn who can be considered self-employed, the eligibility requirements they must met, and what factors to examine when evaluating self-employed income.
Business structures
Understand different types of business structures to communicate with borrowers, document the file, and know how money flows from business tax returns to personal tax returns.
Documentation requirements
Know the difference between Fannie Mae and Freddie Mac documentation requirements, as well as the tools for confidently calculating qualifying income and expediting turn times.
Cash flow analysis
Discover how considering the nature of a business is key when conducting a liquidity test. Assess a business’s financial health by using the 5 steps for determining liquidity.
Vehicle mileage depreciation I - overview
Discover the 2 types of depreciation, the difference between actual expenses and standard deduction, and 3 steps to determine depreciation you can add back on a Schedule C.
Vehicle mileage depreciation II – case studies
See 3 real-life scenarios with avoidable mistakes: request for unnecessary documentation; business tax forms changed due to vehicle sale; and omission of vehicle depreciation.
Clearing up K-1 confusion
Learn the what, who, why and when of Schedule K-1s, walk through 5 common K-1 scenarios, and uncover the difference between ordinary income and distributions.
Business liquidity
Discover how considering the nature of a business is key when conducting a liquidity test. Assess a business’s financial health by using the 5 steps for determining liquidity.
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