RC_LP_U_305.1 Tax Return Basics

1-5 CMB Points Advanced Education Loan Production (Origination, Underwriting, Processing) Residential Self-Study Web-Based Courses
Share to
Option Price
Member $50.00
Non-Member $100.00

Reviewing a borrower's personal tax return can be a daunting task. Forms and schedules abound, each one connected to the other, with numbers that are counted as income, losses, exemptions, and deductions. It is easy to become overwhelmed! In this course, participants learn when it is necessary to request borrower tax returns, become familiar with the various IRS schedules, and gain an understanding of how a borrower's income "flows" through the tax returns. This course also includes an overview of basic business structures and explains how business income is taken from business returns and added to personal tax returns. While this course provides an overview of business types, analyzing business tax returns is not covered as part of this course. 

Tax Return Basics begins with an overview of GSE (Fannie Mae and Freddie Mac) documentation requirements for self-employed borrowers. It introduces IRS individual income tax return Form 1040 and associated schedules. Next, it provides an overview of business structures. Industry methods of analyzing personal tax returns and related definitions are presented. The course concludes with a case study that allows learners to apply the concepts they've learned.


  • Documentation Requirements
  • The U.S. Individual Tax Return
  • Business Structures
  • Methods of Analyzing Tax Returns
  • Definitions
  • Form 1040 Schedules Case Study - The Llama Loan


    Seat time approximately 1.5 hours.

    Copyright 2024.