Self-Employed Business Narrative
Operational summary detailing business activities, revenue model, client base, and ownership structure for self-employed Alt-Doc files.
Packaging & Submission Instructions
Originator Guidance: Complete and execute this form prior to upload with the initial loan submission package in the Corva Wholesale Broker Portal or Fannie Mae Desktop Originator.
Ensure all borrower signatures, entity documentation (for LLC or corporate borrowers), and applicable disclosures match the 1003 loan application. For assistance packaging this document, contact the Corva Broker Operations Desk at [email protected].
Form Description & Requirements
Document Purpose & Narrative Structure
The Corva Self-Employed Business Narrative is utilized across Bank Statement, P&L Only, and 1099 Alt-Doc loan submissions to provide underwriting credit decision-makers with a clear, qualitative understanding of the borrower’s business operations, revenue model, and financial resilience.
Required Narrative Elements
- Business Overview: Exact industry classification, core services or products offered, and years in continuous operation.
- Client & Revenue Concentration: Breakdown of client base (e.g., recurring retainer, project-based contracts, retail volume) ensuring no single client represents > 50% of annual revenues.
- Operational Overhead & Employees: Number of W-2 employees and 1099 sub-contractors, physical location vs. remote operations, and primary recurring operational expenses.
- Explanation of Deposit Anomalies: Clarification of any unusual spikes, seasonal deposit variations, or large single-day transfers observed in submitted bank statements.