MGIC income worksheets vs StatementReady for bank statement loan files
MGIC offers editable and auto-calculating worksheets for self-employed, employment and rental income. StatementReady works only on bank statements for bank statement loan files.
Source: https://www.mgic.com/underwriting/seb/new-cashflow (checked November 12, 2026)
Compared on November 12, 2026. MGIC details come from MGIC's public pages as checked on the date in each row and may have changed. StatementReady details are from statementready.net on the publish date.
MGIC's worksheets and StatementReady both end in an income figure for a mortgage loan file, from different inputs. Here is what each lists publicly, side by side. We describe what StatementReady does, then what MGIC lists. We don't rate either one.
What StatementReady does
Upload 12 or 24 months of a self-employed borrower's business or personal bank statements.
StatementReady builds an income worksheet from the uploaded statements using the months, ownership % and expense factor you enter. It's a tool to check against your lender's guidelines, not a lending decision. You and your lender make the final call on what counts as income.
What MGIC lists
MGIC offers "editable and auto-calculating worksheets" as Excel downloads, in macro-enabled and macro-free versions. Its page lists an all-in-one self-employed income calculator, an employment and other income calculator, and a rental income calculator. Its FAQ says colored fonts in the worksheets line up with line items on federal tax forms.
Sources: https://www.mgic.com/underwriting/seb/new-cashflow; https://www.mgic.com/-/media/value-adds/seb/25-27022-seb-calculator-faqs.pdf (checked November 12, 2026)
Side by side
| StatementReady | MGIC income worksheets, as listed on its public pages | Source and date checked | |
|---|---|---|---|
| Who it's described for | Upload 12 or 24 months of a self-employed borrower's business or personal bank statements. | Its page offers the worksheets for calculating and analyzing self-employed borrowers' income, plus worksheets for salaried borrowers and for rental income. | https://www.mgic.com/underwriting/seb/new-cashflow checked November 12, 2026 |
| Documents read | StatementReady works only on bank statements for bank statement loan files. | The worksheets are filled in, not read from uploads. Its FAQ says colored fonts line up with line items on federal tax forms, and its rental calculator works from tax returns or leases. | https://www.mgic.com/underwriting/seb/new-cashflow https://www.mgic.com/-/media/value-adds/seb/25-27022-seb-calculator-faqs.pdf checked November 12, 2026 |
| Upload formats | You can upload separate PDFs or one combined PDF, and StatementReady splits it into individual statements and detects the account and period for each. The limit is 20 MB per PDF. Digital PDFs are read from their text, and scanned or photographed statements saved as PDF are read from the page images. | No upload is described. The worksheets download as Excel workbooks, in macro-enabled and macro-free versions. | https://www.mgic.com/underwriting/seb/new-cashflow checked November 12, 2026 |
| Income outputs | StatementReady builds an income worksheet from the uploaded statements using the months, ownership % and expense factor you enter. It's a tool to check against your lender's guidelines, not a lending decision. You and your lender make the final call on what counts as income. | Its all-in-one self-employed income calculator "incorporates 4 worksheets, including SAM cash flow analysis, liquidity, comparative income analysis and P&L statement analysis." Bank statement income isn't described on the pages checked. | https://www.mgic.com/underwriting/seb/new-cashflow checked November 12, 2026 |
| Balance checks | Every statement is checked to the cent: opening balance plus credits minus debits must equal the closing balance. It also checks that each closing balance matches the next opening balance and flags missing months. Statements that don't reconcile, or can't be checked, are marked Unverified, and exports carry that warning. You review flags and can edit rows. | Bank statement balance checks aren't described on the pages checked. | https://www.mgic.com/underwriting/seb/new-cashflow https://www.mgic.com/-/media/value-adds/seb/25-27022-seb-calculator-faqs.pdf checked November 12, 2026 |
| NSFs and overdrafts | It counts NSF and overdraft occurrences by month and account, and warns you when a count is over the limit you set on the loan file. If you leave the limits blank, it uses 3 in 12 months or 6 in 24 months. Set them to match the program you're submitting to. | NSF and overdraft counts aren't described on the pages checked. | https://www.mgic.com/underwriting/seb/new-cashflow https://www.mgic.com/-/media/value-adds/seb/25-27022-seb-calculator-faqs.pdf checked November 12, 2026 |
| Unit of charge and listed price | Your first 2 loan files are free, no card required. Then pay as you go at $15 per loan file, paid in advance, or Solo at $49/month with 6 loan files a month ($490/year with 72). Extra loan files on Solo are $8 each. | No price is listed. The download links sit on a public page, and its page says use of the forms is subject to its website's terms and conditions. | https://www.mgic.com/underwriting/seb/new-cashflow checked November 12, 2026 |
MGIC's worksheets are filled in from tax returns and other income documents, and StatementReady reads bank statements, so the rows describe different inputs.
MGIC details are from MGIC's public pages on the date shown and may have changed. Check MGIC's site for current details.
StatementReady assists your review. It doesn't make underwriting or credit decisions, and it doesn't replace your judgment or your lender's guidelines.
Where MGIC's worksheets may fit
If the borrower's income comes from tax returns, a profit and loss statement, salary or rental property, MGIC's page lists a worksheet for each. StatementReady works from bank statements for bank statement loan files.
Source: https://www.mgic.com/underwriting/seb/new-cashflow (checked November 12, 2026)
Where StatementReady fits
(Solo) Re-run a completed file under a saved profile without re-uploading or re-extracting the statements — only the calculation runs again. Configured by you from your saved settings — not a lender determination. Confirm the current guideline with the lender before you rely on it.
Reconciled means the transactions add up to the printed balances. It doesn't confirm that each deposit is eligible income.
How uploaded statements are processed, including AI reading of scanned pages, and when they're deleted is described in our Privacy Policy (Sections 4 and 6).
See what StatementReady produces from 12 months of statements before you sign up: the sample worksheet uses made-up data, and every download is marked SAMPLE.
FAQ
What's the difference between MGIC's income worksheets and StatementReady?
MGIC's worksheets are Excel workbooks you fill in to work out self-employed, employment and rental income, with no price listed. StatementReady reads the borrower's bank statements and builds a bank statement income worksheet for a mortgage loan file, priced by loan file. The table above shows what each lists, as of the date shown.
How does StatementReady check that the numbers are right?
Every statement is checked to the cent: opening balance plus credits minus debits must equal the closing balance. It also checks that each closing balance matches the next opening balance and flags missing months. Statements that don't reconcile, or can't be checked, are marked Unverified, and exports carry that warning. You review flags and can edit rows.
How is income calculated on a bank statement loan?
On a bank statement loan file, income is worked out from the deposits your lender will count over the look-back period, divided by the number of months, then adjusted by the borrower's ownership share and the program's expense factor. Requirements vary by lender and program. StatementReady's worksheet does exactly that: average counted deposits × ownership % × (1 − expense factor).
Does StatementReady make the lending or income decision?
No. It doesn't make a credit decision. You review the flags, and you and your lender stay responsible for checking the results against program guidelines.
How much does StatementReady cost?
Your first 2 loan files are free, no card required. Then pay as you go at $15 per loan file, paid in advance, or Solo at $49/month with 6 loan files a month ($490/year with 72). Extra loan files on Solo are $8 each.
Where does the MGIC information on this page come from?
From MGIC's public website, on the date shown in each row. We didn't sign up for or use MGIC's worksheets. Details may have changed. Spot something out of date? Email support@statementready.net.
StatementReady assists your review. It doesn't make underwriting or credit decisions, and it doesn't replace your judgment or your lender's guidelines.
Try it on your next loan file.
Your first 2 loan files are free, no card required.
Then pay as you go at $15 per loan file, paid in advance, or Solo at $49/month with 6 loan files a month ($490/year with 72). Extra loan files on Solo are $8 each.
MGIC is a trademark of its owner, and Microsoft and Excel are trademarks of the Microsoft group of companies. StatementReady isn't affiliated with or endorsed by MGIC.
Comparison information about MGIC comes from MGIC's public pages as of the dates shown and may have changed.
Spot something out of date? Email support@statementready.net.