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hi my name is Mike Witt back and this video is to introduce you to Oberon income analysis software in today's the advancing digital mortgage world companies are on the lookout to find tools to help them improve their mortgage operations overall from customer experience to delivering a loan one of the biggest needs is to find a tool that can assist team members determine the proper income to qualify a borrower this is why we created a brighter a tool that provides accurate income analysis reduces QC errors and gets loans to clear the clothes faster than before now when we sell to solve this income calculation problem we laid out a few must-haves for the software to achieve the first must-haves is a single tool platform to do all the income calculations we can't afford to have multiple tools to determine a borrower's income this calculated for that in this calculator is self-employed and this calculator for employed and these manual calculations for child support alimony and parsonage things like that so we made sure that our tool covers all 30-plus income calculations laid out in the guideline none of our competitors offer this type of coverage the second must-have is it must be compliant with all agency guidelines uber is a smart and dynamic tool with the push o button uber can comply with different agency guidelines the agencies we currently support are Fannie Freddie FHA VA and USDA after all what good is a tool if it doesn't know how to follow the rules of calculon come for each agency individually they don't all do the income the same so we have to make sure they follow the proper procedures based on the agency the third must-haves we might have make sure we had a clear income analysis report that describes all the income down to the last penny the fourth must have was there was an affordable solution that provided great ROI so we offer uber at three levels we have a free for life program which you get for loans per month and one seat per account so every month you can calculate for different loans and in the first month we reset Airways account with a free four files the second level is premium this is good for small to medium sized companies there is a $149 setup fee and a three dollar charge profile created there's monthly fees there's no annual maintenance just a single 149 set up and $3 per file we also offer an enterprise file now that has a $1,500 set up it only costs $2 per file but it has a minimum of 150 files per month needed to qualify for an enterprise account now that we know the Y or the business reasons behind numerator let's show you a quick overview and how Ober two quickly calculates the income for your borrower we've logged into the uber air software and we are on the file manager page we've added some great features with the file manager the main point of the file manager is that you have a single place to find all your income calculations so in the past when an underwriter would work in a file maybe use a spreadsheet or notes we'd write everything down save on the computer but if that underwriter wasn't around the next day or on vacation or maybe retired or left the company then how did you know what the income calculations were I've been under error for many years and I can't tell you how many thousands of times that I received files that other undereyes have worked on and I've had to completely recalculate the income that was done and on quite a few occasions I came up with a much different income than an original underwriter causing a big problem as you can imagine now if you need to create a new file it's as simple as a basically a few steps the first thing I do is hit the create file button on the screen here you basically have the skeleton of a file and is ready to accept any income type that you have for your borrower so I'm going to show you how to use your brighter in four basic steps first we're on the borrower page and you want to enter a few things in this barb page you want to click this pencil and you always want to put in your loan ID now you barrera can handle you know letters or numbers so you put in your letters numbers however you name your file IDs at your current company next you want to go ahead and put in a mure borrower so you know who's what borrower you're calculating from income from after you've named your borrower we want to add all the income sources now as I stated a few minutes ago uber covers all 30 plus income types you simply click the button and you choose which income type that you want to have annualized so in today's example were going to do a commission borrower that maybe is a salesperson with Ford Motor May sells Ford motorcars and we're also going to have this borrower have a Schedule C self-employed business not side let's just say he restores cars now if you have whether you have twenty or a hundred income types all you keep doing sending the plus describe the income with a name such as car restoration or Ford Motor and then hit enter and the calculators be ready to go now to see your where uber air holds up to four bowers in one file and what I'm showing you in the first borrower will be the same as bars two three and four now you chose the income times you need calculated you want to pick your agency rules just click on the radio button a new borough can adjust income from Freddie Mac to Fannie Mae or FHA or VA or us CA whichever file you're doing up - you want to click on the income tab after you set up your calculator so I click here on the income tab and then it comes out chosen for my borrower now showing on the screen I've got my job at Ford Motor and I've got my car restoration business Schedule C type of income to work on these files just click on this hourglass here and you're ready to evaluate the borrower's income now I don't want to bore you to death on this video with data input so let me speed up the video real quick add some entry information we can go over the key things that who brighter is telling you about let's review the things that your brewery is doing for you so first of all you pick your documentation type either vo a pay stub I'm choosing a vo e because we have a commissioned borrower I put in my pay rate so I put the pay rate of forty-five dollars is the hourly rate uber gives you a choice between hourly weekly bi-weekly semi-monthly and so on the next thing you do is you put your pay period end date to get proper year-to-date analysis and then your hours per week the borrower pay sub shows the borrower's working forty hours per week at this point I'll now be entering in my year-to-date figures and I just notice that forgot to type in the unit eight there so I'll enter it so you type in what you see in the vo e I saw was 87 last year's 93 six and the year before is ninety two thousand so I'm gonna click Save calculate and update my calculations and what uber is basically doing line by line is is giving you the income training analysis that you're supposed to evaluate as an underwriter so in 2016 19 mm are by 12 is 76-66 in 2018 this is roughly about nine months in one week if you take that time frame and take 87,000 divided by it you get about ninety four ninety seven eighty two and you notice rubra has this handy little green arrow that says hey the income is your steady or increasing is what we're looking for we're doing underwriting now I do the same thing with the overtime or commission or bonus or any other income I have now down here and your commissioning notice I have a red arrow why do I have a red arrow I have a slightly declining income Subaru's noting that $21,000 per year is 1750 per month in 2016 I made thirty one hundred and 2017 but now I'm kind of going down to 27 or 29 which is not a bad decrease but uber is just alerting me that the decrease is downward and I should acknowledge it and make sure that I'm following the proper guidelines now the other symbol you'll see from time to time is a yellow explanation mark so what the yellow explanation mark means is this you had a good year in 16 or previous two years ago you income went down in the next year where I went from five hundred three three three but this year so far things are recovering nicely so I basically have a kind of a varying income that you know not really a problem but I just need to make sure I analyze it properly and don't over average the income for the last two years so you can see with a quick click of a button I've done at least 15 different calculations that I'm required to an underwriting in a matter of one seconds I've Center the pen and paper figuring all out and working my training analysis after you kind of looked at your income training analysis you come down to the income analysis section and choose which income you would like to use now when you're done during file you have a few different choices in your situation you can do the calculate amount and what calculate is telling you is 45 dollars an hour at 40 hours a week times 12 months divided by 12 again is 78 hundred dollars per month it also shows you that if you take eighty-seven thousand dollars in your year to date it's ninety four ninety seven using the date so it's none where you want to compare to make sure your date is at least equal to you're calculating now the next thing is saved for the overtime uber it gives you a few choices because there is choices and underwriting so for example if I want to use overtime of ten thousand plus four thousand that would be a basically almost a two-year analysis I can do the 18 and 17 average and do 660 163 I could also take to ten thousand dollars and do it by year to debate which would be a roughly again nine months in one week which is a thousand ninety one or I can use the more conservative method of taking ten thousand dollars divided by 12 months regards to pay period and use the annualized your date the bottom line you have underwriting options to work for your curricular scenario you're not forced into any one hole because there's different situations for different incomes that you can decide in your risk analysis so after I decide which income would be right I'm going to just choose a few incomes I'll do the two year analysis here and I'll do the one year and year data analysis here I'm gonna go ahead and save and calculate all my totals and heber a book told everything all up and down here I have my notes section I want to save in Calcutta again to hold my notes and then I've calculated my borrower's income of eleven thousand three hundred and eighty now let's go ahead and take a look at a self-employed calculator when you look at any self-employed calculator gonna have these two formats and these common features so first of all it looks like two columns like you'd see in an Excel spreadsheet we use this look because this is what underwriting and auditing is most used to so the Left column is the most year the right column is the older year so you Boober gives you a bunch of information so first of all what tax you're dealing with you type that in the next thing is we tell you what tax form to look at the Schedule C and on that Schedule C we tell you to observe for Line six twelve thirteen and so on now as as a person using your brighter you're going to plot your Schedule C and you look on there and find these lines and to income and I'll do that now now I've entered banking calculations I'm gonna head over in save calculate uber and does all the math now the great thing about Newbridge is you have to tell it what to add and subtract it knows the calculations I'm going to show you another great feature we built a new brighter I've been doing underwriting and that type of feel for about a little over twenty years I've been the mortgage business 25 I spend a good amount of time as an auditing supervisor and I notice some common errors made in the underwriting area or processing area and loans so what we've done with the uber writer is to make it helpful for even the newer mortgage professional but not be a nuisance to the experienced mortgage professional so let me show you what I mean if we also have typed in some depletion we all know the depletion is pretty much an add-on there's not really any debate in the mortgage world about depletion figures but what about things like other field on line 27 you start typing in you notice that uber has a pop-up warning it's quoting you a guideline that says hey if you're going to use income from a section make sure it qualifies as an amortization cost or casual loss expense whenever I'm teaching under areas I always throw in this phrase two plus two may equal four but doesn't mean four is the right answer so in this case you may see you know a number like 100 hours in here it doesn't mean that line 27 8 can be added because it's got a special criteria so we help you out with those rules and this is built-in all throughout our self-employed calculations now when you're done uber air tolls up your trending and you can choose the one year or two year analysis and by the way we built in the 1088 form to do a proper business analysis and when it's applicable we have solvency tests for the 1065 1120s and 1120s and just like the self-employed you can make notes if you need to when you're done you hit save calculate and we're going and move to the fourth step or a third step of our process the third step is if you have any real estate owned or rental property which is very common the industry so just like the self-employed or the employed income of the borrower tab you go to the REO and you can enter in as many rental properties as you like that are not the subject so this is not what the subject goes this is other real estate owned so I could choose one two three rental street and I could do you know eight eight nine landlord Street and I've got to round properties set up I hit the plus every time I want to enter property I go ahead and at the plot now note you bura has no limitations as a number of rental properties you can have if you have one or a thousand new burner can handle it now when you're ready to calculate the income it's as simple as click the hourglass and you've got a choice here you can use a Schedule E format or you can use the lease format so we'll start with the leaf's format if I have a lease agreement of 1500 and I have mortgage payments of seven and fifty which does not include the tax insurance I simply enter the information that I know about the property so now I've entered my taxes insurance and what my gross rents are when I'm ready I hit save calculate uber now lets me know that my gross rental income is $225 per month and I can add any notes again that I want on this property in this section I'm going to open up the second property we're gonna go ahead and use a Schedule E as you can see it's much like the self-employed format the most recent years on the left the older years on the right and just like the self-employed format on the schedule eform you're looking for lines three nine twelve thirteen so uber eight again is directing you on exactly where to find the income information that you need to make sure you don't make a mistake we also have the handy warnings built in here as well for example if I start typing in other expense uber a reminds me that the only thing you can enter in from line 19 is generally HOA dues or one-time expenses so I need to be sure that this is what the type of expense it is let's take quick review I've done my schedule eat uber does the proper adding line 3 - line 20 and adding back the taxes insurance I get a total income of 14 for per year which is a gross monthly of 1200 therefore 1200 - my piti is 750 which does include taxes insurance gives me a net rental income of 450 I'm now ready to go on the 4 step which is my report page uber will provide this report that you see on screen it only takes a click of a button to create the PDF and go over it let's go over the key portions of this report the first box is a summary of all income so this is Michael Rose always income combined is $15,438.24 summary of what you see in the total box this is the four types of income that the borrower has he has a job the Schedule C and two pieces of real estate and each income you can see is broken down there's eleven thousand three eighty and like the rental properties 225 now if you want even further detail on say the job or the Schedule C you scroll it further and here's your Ford Motor job now this report is calculating I've got forty five dollars per hour based on a pace of a 10-5 I use the hourly rate of forty five at forty hours per week which is 1700 hours per month for over time I took a two-year year-to-date method it added it all up and I did my proper denominator thirty three point one six four six zero three fourteen I also have my commission which I use a year today plus one year average method and my numbers as as follows totals up to eleven thousand three hundred eighty the next thing provided is this is an audit box this is exactly you typed a new brighter we don't expect everyone here investors to have Weber writer so this shows what income information was seen and what decisions you had to make these next two boxes are training analysis boxes these show you the percentage of change year-over-year and these show you a training analysis by the month to support your income calculations we also have these built in notices to let you know if we have some changes or things you might be aware of or need to check like an income reduction or things listed in the guidelines now if I want to look at my schedule see the same format it shows you what you typed in so I can see line six twelve it shows you the math and it breaks down what your choices were you have a training analysis of 13.7 percent increase between 2016 and 17 and your income that you use was the one-year average of 3383 you could have chosen the thirty one seventy nine or ten to use or override and this is showing you the choices you had now if we have completed the ten eighty eight it would been all filled out here and then we have our notes below and it carries on with rental income or as many other incomes as you need by wrapping it up thanks for watching we went over how Eber and it works and how it benefit your team the second thing is went over the available plans and prices at the beginning demonstration now as you know there's no sticker shock or anything to be afraid of financially so if you're ready to sign up follow these easy steps just go to Luber - writer calm close in the second tab which is our pricing page you scroll slightly down the bottom of the page and click schedule demo I want you to choose any time an account that works best for you and then we'll get you set up an uber writer whether that's the free account the premium account or the corporate account or the enterprise account we'll be happy to get you going all right my name is Mike Whitbeck the co-founder boob writer I hope you enjoyed this presentation and I look forward to working with you in the future