Every business structure has its own method of reporting income or losses to the IRS. The degree of tax liability varies, depending on the structure. For lending purposes, it is important to understand these different structures, the filing methods and how income is reflected on the 1040 (U.S. Individual Income Tax Return). This course focuses on specific schedules filed by the borrower rather than summary information located on the 1040. Individual analysis of each schedule provides a comprehensive review of the borrower’s actual cash flow. Income derived from sole proprietorships, partnerships, corporations and farm income is examined in this course.
Course Outline:
Lesson 1 - Basic Business Structures for Self-Employed Borrowers
- Determine the Business Structure
- Documentation Requirements
- Review and Analyze Income
Lesson 2 - Sole Proprietorship
- Sole Proprietorship Characteristics
- Determine Allowable Income
- Test Your Knowledge
Lesson 3 - Partnership
- Partnership Characteristics
- Determine Allowable Income
- Test Your Knowledge
Lesson 4 - Corporations
- Corporation Characteristics
- Determine Allowable Income
- Case Studies
Lesson 5 - Farm Income
- Purpose and Use of Schedule F
- Determine Allowable Income
- Case Studies
 CampusMBA is
offering the CRU designation through a partnership with Genworth Financial.
Genworth's underwriting courses and content have been implemented into the program
curriculum to enhance CampusMBA's current offerings to the real estate finance industry.
Course Credit:
Completion of this course earns five points toward MBA's Certified Mortgage Banker (CMB), or Certified Mortgage Technologist (CMT) designations. This course also earns five points towards MBA's Residential Underwriter (CRU Level II) Professional Certificate. |