Income calculation
Documents in. Qualifying income out.
Income is the slowest piece of the loan. Rapidio reads the paystubs, W-2s, tax returns or bank statements and returns the qualifying income to the guidelines you pick, with the page and line behind every figure and what the loan still needs.
No card to start. From $9.93 a loan in a bundle, $20 pay as you go.
“Rapidio saved me SO much time calculating income for borrowers with complex tax returns. …”
In · 1 PDF, 16 pagesSplit and labeled
Form 1040 · 2025, 2024Schedule C · 2 businessesForm 1065 + K-1W-2 · 2025, 2024
Out · income by borrowerAs little as 3 minutes
- Mary Smith3 income sources · 4 to review$14,467.50
- Thomas Smith3 income sources · 4 to review$15,524.83
Still needed2 items
- Critical. Form 1065 and Schedule K-1 for 2024
- Review. Year-to-date profit and loss statement
Mortgage teams and associations that work with Rapidio
How it works
Upload the documents. Rapidio does the rest.
Five screens, drawn from the web app with a sample loan. Click a step, or let it play.
GuidelinesPick one
Fannie MaeFreddie MacFHAVAUSDANon-QM
Or send the borrower a linkNo account needed
dd.rapidio.com/upload/…QR codeExpires in 8 hours
Split and labeledEmployment / Income
- Form 1040Page 1
- Schedule CPage 3
- Form 1065Page 6
- Schedule K-1Page 12
- Form W-2, 2025Page 15
Fitness Instructor · by yearDeclining income
- Metric20252024
- Net profit, line 31$49,500.00$68,500.00
- Add-backs, line 13$1,600.00$2,050.00
- Adjusted annual total$51,100.00$70,550.00
- Monthly$4,258.33$5,879.17
Schedule C 2025 · page 3, line 31Schedule C 2024 · page 7, line 31
Marco's Polo Shop · wage earnerReview · 3
- Review. Verbal verification of employment Handled by the lender before closingReview
- Review. Overtime not included Reason: needs a two-year history of receiptReview
- Review. Employment status to confirm Reason: not stated in the documentsResolve
Loan summaryPage 1
- Total monthly income$4,122.65
- BorrowerMaria Smith
- InvestorFannie Mae
InsidePages 2 to 4
Income worksheet, by yearOptions, the selected one markedConditions
Drawn from the web app with a sample loan. Add a document later and run the loan again, at no charge.
The worksheet readsPaystubs and W-2sForm 1040, Schedule CForm 1065 and Schedule K-1Bank statements, 12 and 24 monthsOther income: ask us
Income types
The worksheet follows the income type.
The upload, the price and the loan report stay the same.
Base pay and variable pay, on separate lines.
Rapidio reads paystubs, W-2s and written verifications of employment, and compares year-to-date earnings with the 2 prior years. Overtime, bonus or commission without a two-year history is left out, and a condition says so.
- Year-to-date earnings and 2 years of W-2s side by side
- Base pay and variable pay on separate lines
- The options with the method and the years for each, one recommended
What to upload: paystubs for the most recent 30 days and W-2s for the last 2 years. For overtime, bonus or commission, add year-end paystubs or a written verification of employment.
Base pay only. The overtime on the paystubs has no two-year history yet, so it is left out and named in a condition.
Schedule C, with the add-backs applied and the years side by side.
Net profit for each tax year, the add-backs the guidelines allow, the adjusted annual total and the monthly figure. When income has declined, the drop is flagged and the recent year is recommended.
- Depreciation, depletion, business use of home and business miles
- 2 tax years side by side, each figure with its page and line
- The average, and the period it covers
What to upload: the personal tax returns (Form 1040) for the last 2 years, with Schedule C.
Income declined from 2024. The recent year is recommended, as the guidelines ask. The 24-month average, $5,068.75, stays next to it, marked aggressive.
Form 1065 and Schedule K-1, line by line.
Ordinary income, guaranteed payments and the adjustments to business cash flow, with the borrower's ownership percentage applied and the liquidity ratios shown.
- Ownership percentage applied to the add-backs
- Depreciation, depletion and amortization added back
- Each tax year in its own column
What to upload: Form 1065 and the borrower's Schedule K-1 for the last 2 years, with the personal tax returns.
Ordinary income of –$13,875.00 and guaranteed payments of $50,750.00 sit above these lines, with the liquidity ratio of 3.56.
12 or 24 months of statements, every counted deposit listed.
Rapidio counts the deposits that qualify, leaves out the rest, and names any month with no statement.
- Each counted deposit listed by date, type and amount
- Missing statements named month by month
- Ownership percentage and expense factor you can set
What to upload: 12 or 24 consecutive monthly statements for each account, every page of each statement.
Bank statement incomeThe 2 missing months are named, so you can ask for them. Add the statements and run the loan again, at no charge.
Other income types.
Rental income, capital gains, interest and dividends are reported on Schedules E, D and B of the tax return. If the loan depends on one of them, or on another income type, ask us before you run it.
Email us about an income typeWhat a spreadsheet never gives you
Three things that come back with every loan.
The page and the line behind every figure.
A number in a cell can't be checked. In Rapidio every figure opens the page and the line it came from: net profit, the add-backs, the year. Check the line, move on.
The options side by side, with the method. One recommended.
Income can be calculated more than one way. Rapidio shows the options with the method and the years for each, recommends one, and marks the aggressive one review only. You select, and the loan records who did and when.
The conditions, with the reason, before the lender asks.
Each condition names what the loan still needs, why, and which borrower and income source it belongs to, so the processor asks the borrower once.
Compared
The same loan, by hand and with Rapidio.
A spreadsheet or a free calculator works from the numbers you type in. Rapidio works from the documents.
* Time per loan by hand, reported by JetMo, a Rapidio customer.
Not AI alone
Experienced underwriters stand behind the system.
Rapidio calculates the income from the documents. A loan that needs a human eye gets flagged for review, and an experienced underwriter looks at it. Borrower documents are seen only by the assigned internal underwriter, under NDA. The lending decision stays with you.
- The result comes back in the same worksheet format
- One assigned internal underwriter, under NDA
- Your selection stays on the loan, with who made it and when
- Every figure stays open to the page and line behind it
Who uses it
The same loan, seen from 4 desks.
Brokers and loan officers
Know the number before you submit.
Run the documents first. The qualifying income, the most conservative option and what is missing, before the loan goes to the lender.
For brokersLenders and banks
One worksheet from every branch.
Every loan comes back in the same format, whoever ran it. Pilot on your own loans, then connect by API.
For lendersUnderwriters and QC
Review a finished worksheet.
The page and line behind every figure, the options with the method, the conditions with the reason. You decide.
For underwritersDue diligence firms
The income piece of the pool.
Every loan in the pool recalculated to your rules, flagged where the figures differ, in one format.
For due diligenceIn your own system. Rapidio has a REST API, and the loan report goes out as PDF or DOCX with the loan. Integrations and API
Pricing
From $9.93 a loan in a bundle. $20 pay as you go.
One loan covers all its borrowers and income sources, any income type. A single W-2 borrower and a borrower with 2 businesses cost the same. No setup fee, no monthly commitment.
The bundle price per loan assumes you use every loan in the bundle.
Security
- SOC 2 Type 1 report
- Encrypted in transit and at rest
- Role-based access with 2FA
- Borrower documents seen only by the assigned internal underwriter, under NDA
More about the product
FAQ
Questions about the income calculation.
Have another question? Write to service@rapidio.com or book a 30-minute call.
Will the lender's underwriter reach the same number?
Not always. The lender's underwriter makes the final call and may apply the lender's own overlays. Rapidio shows how each figure was reached, with the page and line behind it, so the 2 calculations can be compared line by line. The most conservative option tells you the low end before you submit.
I already use a free income calculator. What is different?
A free calculator or a spreadsheet works from the numbers you type in, for one set of guidelines. Rapidio works from the documents: it splits and labels them, reads the figures, ties each one to its page and line, and calculates to the guidelines you pick, from Fannie Mae to non-QM and bank statement programs. It also lists what the loan still needs, and every loan comes back in the same format, whoever ran it.
Why does Rapidio show more than one number?
Income can be calculated in more than one way: from the year-to-date figure and the prior year, or from the 2 prior years. Rapidio shows the options side by side with the method and the years for each, and recommends one. The aggressive option is marked for review only.
Can I use a different option than the recommended one?
Yes. Select another option and go back to the recommendation at any time. The loan records who selected an option and when.
Which income types and guidelines does Rapidio cover?
Wage earner income from paystubs, W-2s and written verifications of employment, with base and variable pay on separate lines. Self-employed income from Schedule C. Partnership income from Form 1065 and Schedule K-1. Bank statement income for 12-month and 24-month programs. The guidelines: Fannie Mae, Freddie Mac, FHA, VA, USDA, non-QM full doc for 1 and 2 years, and bank statement programs. For another income type, ask us before you run the loan.
Can Rapidio calculate to our own overlays or program guides?
Yes, on request. Send us the program guides, overlays or conventions your team works to, and your account is set up to calculate to them, on every loan.
What happens if documents are missing?
Rapidio calculates from the documents it has and lists the missing ones as conditions, with the reason for each. When a document arrives, add it to the same loan and run it again, at no charge. The conditions it answers close on their own.
Can a loan hold multiple borrowers?
Yes. A loan can hold multiple borrowers, and each borrower can have more than one employer or business. Each income source gets its own line, and the loan gets one total. One loan, one price.
How long does a loan take?
Loans come back in as little as 3 minutes. A full bank statement package takes about 10 minutes. Timing depends on the income type and on how complete the documents are.
Does a person check the calculation?
Rapidio calculates the income from the documents. When a loan needs a human eye, it gets flagged for review and an experienced underwriter looks at it. Borrower documents are seen only by the assigned internal underwriter, under NDA. You can also check the work yourself: every figure opens the page and line it came from.
What does Rapidio cost?
From $9.93 a loan in a bundle of 15 a month, $20 pay as you go, any income type. No setup fee, no monthly commitment. The first loan is free.
Bring your hardest loan. The first loan is free.
2 businesses and a co-borrower. Or a 24-month bank statement package. Upload it and compare our worksheet with yours.