FARMERS BRANCH, Texas – Most loan officers are experienced with using members' pay stubs to verify their income when members apply for loans. But with credit unions increasingly diversifying their membership, more members are using tax returns to verify their income. The Texas Credit Union League will be holding a series of six seminars in cities throughout Texas in December and January on helping loan officers analyze tax returns. The one-day seminar in each city, "Verifying Borrowers' Income Using Tax Returns" is being presented by Tim Harringon of T.E.A.M. Resources, Tucson, Ariz. Among the topics the seminar will cover are: determining a borrower's true cash income from a tax return; how borrowers can legally hide income from the IRS; and how to identify hidden expenses that could disqualify a borrower. The seminar will also cover: Federal Form 1040; S-1s from S-Corps and partnerships; income from C-Corps and sole proprietorships; rental and investment income; and income from installment sales.
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