The following table provides verification requirements for trust income.
|✓||Verification of Trust Income|
|Confirm the trust income by obtaining a copy of the trust agreement or the trustee’s statement confirming the amount, frequency, and duration of payments.|
|Verify that the trust income will continue for at least three years from the date of the mortgage application.
Unless this income is received monthly, documentation of current receipt of the income is not required to comply with the Allowable Age of Credit Documents policy.
For additional information, see B3-3.1-09, Other Sources of Income.