LoanBeam. Automating Tax Form Processing. National Training Division. Revised 4/6/18

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1 LoanBeam Automating Tax Form Processing Revised 4/6/18

2 Introduction to LoanBeam Topics Covered: How to access LoanBeam in FasTrac360 Uploading tax documents Checking order status Understanding accompanying schedules/forms Overview of LoanBeam s workbook for income analysis

3 Introduction: This training material and supplemental training exercises, we will explore the items necessary for analyzing the borrowers tax documents using advance character recognition technology. This advance technology will extract all relevant income data from various income documents in order to help you with income calculations for your borrowers with more complicated tax returns. The information contained here is meant to be a basic high level overview on accessing and the using the functionality of LoanBeam. LoanBeam will enable you to; 1. Integrate your borrower s tax documents regardless of size or complexity 2. Extract all relevant income data from any type of tax return 3. Identify and report missing Items from your borrower s documentation 4. Successfully calculate qualifying income 5. Communicate your use of income logic for underwriting 6. Increase accuracy of understanding income documentation used 7. Save time

4 Introduction cont: LoanBeam is capable of scanning and analyzing any of the following tax documents: Form 1040, 1040A,1040EZ Schedules A, B, C, D, E, F Form 4562 Depreciation & Amortization Form 6252 Installment Sale Form 1120 Corp Tax Return Form 1120S S Corp Tax Return Partnership K-1 (1065) Documents Form W2 Trust K-1 (1041) 4506-T Form 2106 Employee Expenses Form 4797 Sale of Bus Property Form 8829 Business Use of Home Form 1065 Partnership Tax Return Form 8825 R/E Income S Corp K-1 (1120S)

5 Accessing LoanBeam within FT From the services tab in your borrower loan file, navigate to and click on Order Additional Services Note: A pop up window will appear

6 Accessing LoanBeam within FT Select the All Providers tab 2. Search by typing in LoanBeam or scroll down to find. Click on LoanBeam to highlight the selection 3. Click Add to My List 4. Click Submit button 5. Click OK to save

7 Accessing LoanBeam within FT From My Providers tab select LoanBeam 2. Click Submit

tax returns both personal 1040s, Schedule Cs, business returns 1120, 1120S, 1065, K1s all pages and

8 UploadingTax Documents into LoanBeam 1. Click on Add Documents 2. Make a selection on the location of your tax documents (hard drive or efolder) Note: When uploading tax returns both personal 1040s, Schedule Cs, business returns 1120, 1120S, 1065, K1s all pages and all schedules no exceptions. Please make notations in the conversation log reflecting any missing tax documents and accompanying schedules.

9 Uploading Tax Documents into LoanBeam 3. Make your document selections for upload. You can select multiple documents at a time 4. Make your form selection from the Output Templates 5. Click Create button to submit Note: Templates form 1084 is used for FNMA/DU and form 91 is used for FHLMC/LPA

LoanBeam Order Status Upon uploading you will receive an email notification that the documents that have been submitted to LoanBeam have processed Depending on

10 LoanBeam Order Status Upon uploading you will receive an notification that the documents that have been submitted to LoanBeam have processed Depending on the size of the tax returns will determine how long it will take to process 1. Click on the Check Status/View Results tab. It will either say Processing or Complete

11 LoanBeam Order Status 2. Click Check Status button to refresh 3. Order Status will eventually reflect Completed. Click on the Link under Results File

Note: Upon opening the workbook you can quickly identify what

12 LoanBeam Order Status 4. Click Save to save the Excel formatted workbook onto your desktop Note: Upon opening the workbook you can quickly identify what documents are missing from LoanBeam s findings. You can upload any missing documents by following prior steps for adding documents

13 Understanding Accompanying Schedules: Note: If borrower has commission income, review the 1040 and schedule A for 2106 expenses

LoanBeam Workbook Overview At the bottom of each workbook you will find tabs labeled in accordance to the calculation and analysis of the borrower s tax documents starting with

14 LoanBeam Workbook Overview At the bottom of each workbook you will find tabs labeled in accordance to the calculation and analysis of the borrower s tax documents starting with Cover Page Each cell populated from a tax return provides details about the source. Hover over any of the red triangles to reveal the sourcing of where that data was extracted from

15 LoanBeam Workbook Overview There are Included/Excluded indicators set by default. You can change any of the settings by clicking on the cell and changing the selection from the drop down arrow Typically Included means numbers are included in the Cash Flow vs. Excluded from Cash Flow which are greyed out

LoanBeam Workbook Overview LoanBeam uses investor underwriting guidelines baked into the calculation leaving you with just a few fields to review or update

16 LoanBeam Workbook Overview LoanBeam uses investor underwriting guidelines baked into the calculation leaving you with just a few fields to review or update LoanBeam compares CY for current year and PY Prior year and will show you the most conservative 24 month average as the default value which can be overridden

LoanBeam Workbook Overview To exclude income from a particular entity, type X in the box shown. The amounts will be excluded from the total income calculations and greyed out.

17 LoanBeam Workbook Overview To exclude income from a particular entity, type X in the box shown. The amounts will be excluded from the total income calculations and greyed out. The entity will not be considered in the analysis Note: If borrower has multiple group entities, LoanBeam will dynamically repeat those groups. Example; If borrower has five Sch. Cs then LoanBeam will reflect five Sch. C s in separate tabs

LoanBeam Workbook Overview Manual overrides can be performed three different ways on all worksheets by simply navigating to the Manual Overrides column and adjust the

18 LoanBeam Workbook Overview Manual overrides can be performed three different ways on all worksheets by simply navigating to the Manual Overrides column and adjust the dollar amount. Input $0 to force a Zero dollar amount. Delete an override in-order to return to the original dollar amount by using the delete key in the override field

LoanBeam Workbook Overview The main sheet tab contains the borrower s Total Qualifying Income, both annually and monthly as a combination of data found in the other tabs.

19 LoanBeam Workbook Overview The main sheet tab contains the borrower s Total Qualifying Income, both annually and monthly as a combination of data found in the other tabs. Be sure you review all the tabs comparing them with your borrower s actual income documentation to be complete before considering using their actual Qualifying income in your loan

20 Questions? Reach out to PRMG University Questions?

LoanBeam SE Income Analysis Tool

LoanBeam SE Income Analysis Tool Alexis Smialkowski National Corporate Trainer Investing in Your Education 12/10/2018 What is LoanBeam? FT360 is integrated with LoanBeam to provide income analysis of tax