What Documents to Submit for Accurate Mortgage Income Calculation with Rapidio

To get the most accurate results from Rapidio’s AI mortgage income calculator, it’s important to upload the right documents for each income type. The better the documentation, the faster and more accurate your results — and the easier it is to avoid underwriting conditions.

Below is a detailed guide to help you prepare document packages for all major income types supported by Rapidio’s automated mortgage income analysis tools.

🏢 Wage Earner – Base Income

For straightforward salaried income:

✅ Most recent 30 days of paystubs (covering at least 30 days)
✅ Most recent W-2 (past year or two years if required by guidelines)
✅ Verification of Employment
✅ Employment contract with start date and rate (if new employment)

⏳ Wage Earner – Variable Income (Bonuses, Overtime, Commission, etc.)

When working with variable wage earner income, include:

✅ 2 Years of End of Year Paystubs + the Most Recent Paystub showing the year-to-date incomes itemized
✅ WVOE (Written VOE) with the breakdown of variable income – especially for nurses!
✅ Employment contract with start date and pay rate (if applicable)
✅ Any employer-provided compensation statements

🧾 Schedule B and D (Dividend, Interest, and Capital Gains Income)

For income earned from investments:

✅ Most recent two years of personal tax returns (1040) with:
✅ Schedule B for dividends and interest
✅ Schedule D for capital gains

💼 Schedule C or 1099 Borrowers (Self-Employed Sole Proprietors / Independent Contractors)

For self-employed mortgage income calculation for Schedule C or 1099 borrowers:

✅ Two years of personal tax returns with complete Schedule C
✅ 1099 forms if applicable (matching Schedule C income)
✅ Year-to-date profit & loss statement (only needed for Underwriting)

🏠 Schedule E Rentals or Lease Agreements (Rental Income)

For rental income mortgage calculation:

✅ Two years of tax returns, including full Schedule E
✅ Current lease agreements for each property (signed and dated)
✅ Any additional tax return statements that list Amortization or HOA

🏢 1120-S (S Corporation Income)

For borrowers deriving income from an S-Corp:

✅ Two years personal tax returns (1040)
✅ Two years business tax returns (1120-S with K-1s)
✅ YTD P&L statement (only needed in Underwriting)
✅ W-2’s or 1125-E statements for any borrower with ownership (if applicable)

🏢 1120 C-Corporation Income

For borrowers with ownership in a C-Corp:

✅ Two years personal tax returns (1040)
✅ Two years corporate tax returns (1120)
✅ YTD P&L for corporation (only needed in Underwriting)
✅ W-2’s or 1125-E statements for any borrower with ownership (if applicable)

🤝 1065 Partnership Income

For borrowers with income from a partnership:

✅ Two years personal tax returns (1040)
✅ Two years partnership tax returns (1065 with K-1s)
✅ YTD P&L for partnership  (only needed in Underwriting)
✅ W-2’s or 1125-E statements for any borrower with ownership (if applicable)

🎓 Retirement Income

For borrowers using retirement income:

✅ Most recent award letter (for pension or retirement plan)
✅ 1099-Rs for past two years

🎖️ VA Disability Income

For VA disability income mortgage documentation:

✅ VA Disability Award Letter or 1099
✅ A recent COE with Disability amount listed

🏆 Why Document Prep Matters for Automated Mortgage Income Calculation

By submitting the correct documents for each income type, you:

✅ Get the most accurate results from Rapidio’s AI mortgage income calculator
✅ Ensure your file is ready for underwriting faster
✅ Minimize missing items flagged by Smart Conditions
✅ Reduce the need for follow-ups and resubmissions

When used properly, Rapidio’s automated mortgage income analysis tools can save your team hours per file — but document completeness is key.

🚀 Need Help? Our QC Team Has You Covered

Remember — Rapidio’s human-in-the-loop review ensures every file is checked for accuracy. If you ever have questions about what to upload or how to prep a complex file:

✅ Contact our QC team — we’re happy to help you get the most out of Rapidio’s mortgage income calculation software.