Profit &Loss · Who is it for? Designed as an income documentation alternative to bank statements...
1
Who is it for? Designed as an income documentation alternative to bank statements allowing Self Employed borrowers to utilize their Profit & Loss statement How do you calculate it? Take the approved net income and divide by 12 What documents do you need? Profit &Loss 800- 636-3429 www.fnba.com/ correspondent Making Non-QM Loans Easier • Borrower prepared Profit and Loss statement for previous 12 months, reviewed and validated by an independent licensed/qualified 3rd party • Documentation indicating that the 3rd party reviewer is licensed or qualified • Evidence that your business has been in operation for 12 months or greater
Transcript of Profit &Loss · Who is it for? Designed as an income documentation alternative to bank statements...
![Page 1: Profit &Loss · Who is it for? Designed as an income documentation alternative to bank statements allowing Self Employed borrowers to utilize their Profit & Loss statement](https://reader035.fdocuments.in/reader035/viewer/2022071218/605241f7af585c7b0d4d4483/html5/thumbnails/1.jpg)
Who is it for? Designed as an income documentation alternative to bank statements allowing Self Employed borrowers to utilize their Profit & Loss statement
How do you calculate it? Take the approved net income and divide by 12
What documents do you need?
Profit &Loss
800-636-3429www.fnba.com/correspondent
Making Non-QM Loans Easier
• Borrower prepared Profit and Loss statement for previous12 months, reviewed and validated by an independentlicensed/qualified 3rd party
• Documentation indicating that the 3rd party reviewer islicensed or qualified
• Evidence that your business has been in operation for12 months or greater