Located in the Borrowing Capacity calculator, the SE Income Wizard allows you to accurately determine two financial years of self employed income, by considering Net Profit Before Tax, non-recurring expenses, company loans, Director Fees and addbacks.
Different lenders have different methods of handling previous vs current financial year self employed income. The Nexus Servicing Engine will handle these as per the lenders specific policy.
To use the Self Employed Income Wizard:
Self Employed Income needs to be added on an applicant-by-applicant basis. If multiple applicants are paid out by the same business than the Net Profit Before Tax, non-recurring expenses, company loans, Director Fees and addbacks should be split as required.
- Open the CRM in Mercury Nexus
- From the Dashboard, click on Borrowing Capacity
- Click on +Borrower
- Under Incomes, select Self-Employed
- Below this field, click on SE Income Wizard
- Fill in their details and click close
- The Most Recent FY and Last FY will calculate automatically