![]() On June 28 th FNMA with SEL 2016-05 has tweaked and clarified the guidelines again to assist lenders with how to evaluate if the borrower had actually received the business income from a partnership (1065 tax form), S Corporation (1120S), or an LLC (1065 Tax Form). ![]() To help get us back on our feet, over the last twelve to eighteen months FNMA has slightly modified the guidance to help the industry adopt and understand the distribution concept. Since FNMA has brought the distribution of business income back, as an industry I think we are still a little “wobbly legged” over the requirements. The guidelines were largely ignored by lenders selling to both agencies. Even though the guidelines clearly outlined these requirements for years, they never seemed to be enforced. ![]() One of the most common topics I run across for self-employed borrowers is the discussion on ”The dreaded Distribution Versus Ordinary Income”. ![]()
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