Instructor-led Online Course

During this course case studies will be analyzed using the Fannie Mae form 1084 method to calculate self-employed income for Sole Proprietors, Partnerships and Corporation owners. Class time will also be spent analyzing rental income, pension income and income derived from retirement funds.

What it's about

At the conclusion of this course participants will be able to recognize self-employed or other income, represented on the 1040, and determine which schedules apply and how to analyze and calculate that specific type of income.

Classes consist of four 90-minute live sessions with instructors delivered through the WebEx training platform.

Class Schedule

Thursday May 2,9,16,23 2019 Register
Tuesday October 1,3,8,10 2019 Register
View Education Calendar


  • Mortgage Loan Originators
  • Processors
  • Underwriters
  • Quality Control Staff

Learning Goals and Objectives:

By the end of this course, participants will be able to:

  • Identify and explain various types of business structures
  • Evaluate the 1040 Individual Tax Form and identify required schedules when determining income
  • List additional documentation requirements
  • Calculate income for a variety of self-employed borrowers
  • Calculate income fro a variety of other types of income derived from the tax returns
  • Identify Tax Return Red Flags


Attendees will have the ability to review and analyze various types of income derived from tax returns, determine based on income, type if all schedules have been provided and recognize inconsistencies and/or red flags within the documentation provided.

Program Details:

Session One - Topics

  • Defining the Self-Employed Borrower
    • Evaluate risks of a self-employed borrower
    • Identify indicators of employment stability
  • Business Structure Overview
    • Identify 5 types of business structures
    • Sole Proprietor
    • Partnerships
    • LLC
    • "S" Corporations
    • Corporation
  • Viability of business
  • Analyze tax returns - Fannie Mae Form 1084 Cash Flow Analysis versus SAM method
  • Schedule C Case Study Review

Session Two - Topics

  • Business Tax Returns
    • Form 1065 Partnership
    • 1065 K-1 Review
    • Case Study Analysis
  • Form 1120s S Corporation
    • 1120s K-1 Review
    • Case Study Analysis

Session Three - Topics

  • Corporate Returns
    • Form 1120 Corporate
    • 1120 – K-1
  • Other Schedules of the 1040 – Non self-employed income
    • Schedule A
    • Form 2106
    • Schedule B
    • Schedule D
    • Schedule E
    • Schedule F
  • Red Flags
  • Profit & Loss and Balance Sheet

Session Four - Topics

  • Review of Sessions 1 - 3
  • Review case studies as a group

Tuition & Registration

The course is $600 per person. Tuition includes all course materials. Upon successfully completing the course, students will earn an industry-recognized certificate of completion.