The income tab holds information about the income and employment history of the borrower(s).
Completing the income tab
To add an income source, select Add Income and fill in the required information. The Income tab will be considered complete after you have provided the borrower's past two years of employment history.
Income types regarding employment will ask you for the following information about the employer:
Job title
Entity type
Address
Employer's contact info
Dates worked
Self-employment
For self-employment income, you will also need to provide the ownership percentage and entity type. After you have provided employer information once, you can select it in the Employer dropdown for additional employment-based income sources, and it will automatically populate the Employer section for that income source.
Income types
The following chart lists all valid income types, whether it counts as employment, as well as any additional information you will need to provide.
Income Type | Description | Requires Employer Information | Additional Information Required |
Salary | Employment with a salary | Yes | Employer, job title, start date |
Hourly | Employment with hourly pay | Yes | Employer, job title, start date |
Bonus | Bonus pay from employment | Yes | Employer, job title, start date |
Commission | Employment paid by commission | Yes | Employer, job title, start date |
Overtime | Overtime worked | Yes | Employer, job title, start date |
Schedule B, C, D, E, K1 | Form 1040 income | No | Description |
Alimony | Alimony received | No | None |
Child Support | Child support received | No | None |
Social Security | Social Security income | No | Start Date |
Pension or Annuity | Pension or annuity income | No | Start Date |
Veterans Affairs | Income from Veterans Affairs | No | None |
Other | Any income source other than the above | No | Description |
Income from an REO
If the borrower owns an investment property that produces a profit from rental income, Sonar will automatically create an income source reflecting this profit. This income source cannot be edited within the Income tab, and will update automatically based on changes to the REO.
For more information, see: