Selling Guide

The Selling Guide is organized into parts that reflect how lenders generally categorize various aspects of their business relationship with Fannie Mae. To begin browsing, select from any of the sections below. You may also download the entire Selling Guide in PDF format.

View All Selling Policy Updates

Download PDF

Hint: Ask in a form of a question.

B3-3.1-04, Commission Income (12/04/2018)

Introduction

This topic contains information on the verification of commission income.

 

Verification of Commission Income

The following table provides verification requirements for commission income.

Verification of Commission Income
  A minimum history of 2 years of commission income is recommended; however, commission income that has been received for 12 to 24 months may be considered as acceptable income, as long as there are positive factors to reasonably offset the shorter income history.
  One of the following must be obtained to document commission income:
  • a completed Request for Verification of Employment (Form 1005 or Form 1005(S)), or

  • the borrower’s recent paystub and IRS W-2 forms covering the most recent two-year period.

  A verbal VOE is required from each employer. See B3-3.1-07, Verbal Verification of Employment, for specific requirements.
  See B3-3.1-01, General Income Information, for additional information about calculating variable income.
  See B3-3.1-02, Standards for Employment Documentation, for additional information about verifying employment income.

Related Articles

B3-3.1-01, General Income Information (08/07/2019)

IntroductionThis topic contains information on employment income, including: Stable and Predictable Income  Variable Income  Continuity of...

Read more

B3-3.1-02, Standards for Employment Documentation (10/24/2016)

IntroductionThis topic contains information on the standards for documentation of employment income, including: General Documentation Requirements ...

Read more

B3-3.1-03, Base Pay (Salary or Hourly), Bonus, and Overtime Income (05/15/2012)

IntroductionThis topic contains information on base pay (salary and hourly), bonus, and overtime income, including: Verification of Base Pay, Bonus, and...

Read more

B3-3.1-05, Secondary Employment Income (Second Job and Multiple Jobs) and Seasonal Income (08/07/2019)

IntroductionThis topic contains information on income from secondary and seasonal employment, including: Documentation Requirements  Verification of...

Read more

B3-3.1-06, Requirements and Uses of IRS Request for Transcript of Tax Return Form 4506-T (07/03/2019)

IntroductionThis topic contains information on the use of IRS Request for Transcript of Tax Return (IRS Form 4506-T), including: Use of IRS Form 4506-T to...

Read more

B3-3.1-07, Verbal Verification of Employment (10/02/2018)

IntroductionThis topic contains information on verbal verification of employment requirements for all borrowers.  Verbal Verification of...

Read more

B3-3.1-08, Rental Income (02/05/2020)

IntroductionThis topic provides information on qualifying a borrower’s rental income, including: Associated Policies  Eligible Properties ...

Read more

B3-3.1-09, Other Sources of Income (10/02/2019)

IntroductionThis topic provides information on documenting and qualifying a borrower’s income from sources other than wages and salaries, including:...

Read more

Have guide questions? Get answers to all of your policy questions, straight from the source.

Get Started
X
Having Issues with Seeing this Page Correctly?

Use Firefox or Chrome   How to do a hard refresh in Internet Explorer
We recommend that you use the latest version of FireFox or Chrome.

Download Firefox
Download Chrome
  A hard refresh will clear the browsers cache for a specific page and force the most recent version of a page.
    Hold the Ctrl key and press the F5 key.
     

Email Us
If you still have Technical Support questions, feel free to emailAsk_Poli@fanniemae.com.