source:
  type: regulation
  id: fnma-sel-b3-3-1-01
  authority: "FNMA Selling Guide B3-3.1-01 — General Income Information"
  description: 'FNMA Selling Guide B3-3.1-01 governs general income qualification

    rules: income must be stable, documented history of receipt,

    reasonably expected to continue; 3-year continuance documentation

    requirement for income with a defined expiration date or asset-

    depletion-dependent income; lower-amount rule for borrowers

    transitioning to lower pay (e.g., retirement); virtual currency

    income (cryptocurrency) is NOT eligible for qualification. Fills

    FNMA Selling B3-3 chapter foundational gap.

    '
obligations:
- id: fnma-sel-b3-3-1-01-document-stable-income-history-continuance
  canonical_id: fnma-sel-b3-3-1-01-document-stable-income-history-continuance
  section: "FNMA Selling Guide B3-3.1-01 — Document income stability + history + likely continuance"
  description: "[LENDER] (lender) shall document that income is stable, has a\ndocumented history of receipt, and is reasonably expected to\ncontinue. The three documentation prongs are foundational to\nevery qualifying income source — stability + receipt-history +\ncontinuance.\n"
  type: do
  audit_question: For every income source used to qualify a Borrower, can [LENDER] produce documentation evidencing (a) stability, (b) history of receipt, and (c) reasonable expectation of continuance?
  workflow_phase: loan_origination
  owner_role: underwriting_manager
  secondary_owner_role: loan_processor
  cadence: per-income-source
  consequence: Income not documented for stability/history/continuance is a Selling Guide breach + R&W exposure.
  tags:
  - round-d
  - regulator-direct
  - fnma
  - selling-guide
  - income-qualification
  - stable-and-predictable
  - promoted
  primary_source:
    tier: 1
    authority: "FNMA Selling Guide B3-3.1-01 — Stable and Predictable Income"
    source_class: fnma-guide
    source_url: https://singlefamily.fanniemae.com/media/document/pdf/selling-guide
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-05-25T14:09:57Z'
    content_hash: sha256:placeholder-snapshot-content-hash-from-source-json
    paragraph_quote: 'The lender must document income is stable, has a documented history of receipt, and is reasonably expected to continue.

      '
    drafter_attestation: 'Copied verbatim from snapshot 5f7b8b79da595d76. B3-3.1-01 stable-

      income-history-continuance operative requirement.

      '
  promoted_at: '2026-05-25T20:08:21+00:00'
  promoted_from: fnma-sel-b3-3-1-01-roundd-v1.yaml
  program_review: Does the program ensure every qualifying income source is documented for all three prongs — stability, history of receipt, and reasonable expectation of continuance?
  file_review: Review each income source for the three documentation prongs; the compliance person judges whether stability and likely continuance are supported.
  judgment: true
- id: fnma-sel-b3-3-1-01-reasonably-expect-continuance
  canonical_id: fnma-sel-b3-3-1-01-reasonably-expect-continuance
  section: "FNMA Selling Guide B3-3.1-01 — Qualify with income expected to continue for foreseeable future"
  description: 'Borrowers shall be qualified with income that [LENDER] (lender)

    can reasonably expect to continue for the foreseeable future.

    [LENDER] shall evaluate the likelihood of continuance based on

    the nature of the income and supporting documentation. If the

    income does not have a defined expiration date and the

    applicable history of receipt is documented per the specific

    income type, [LENDER] may conclude the income is likely to

    continue without obtaining additional documentation unless

    there is information to the contrary.

    '
  type: do
  audit_question: For every income source used to qualify, can [LENDER] evidence its evaluation of likelihood-of-continuance (nature of income, supporting documentation reviewed, conclusion reached)?
  workflow_phase: loan_origination
  owner_role: underwriting_manager
  secondary_owner_role: loan_processor
  cadence: per-income-source
  consequence: Qualifying with income unlikely to continue is a Selling Guide breach + R&W exposure.
  tags:
  - round-d
  - regulator-direct
  - fnma
  - selling-guide
  - income-qualification
  - continuance
  - promoted
  primary_source:
    tier: 1
    authority: "FNMA Selling Guide B3-3.1-01 — Continuance of Income"
    source_class: fnma-guide
    source_url: https://singlefamily.fanniemae.com/media/document/pdf/selling-guide
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-05-25T14:09:57Z'
    content_hash: sha256:placeholder-snapshot-content-hash-from-source-json
    paragraph_quote: 'the lender can reasonably expect to continue for the foreseeable future.

      '
    drafter_attestation: "Copied verbatim from snapshot 5f7b8b79da595d76. B3-3.1-01 reasonably-\nexpect-continuance operative phrase. Quote starts mid-sentence to\navoid U+FB01 fi-ligature in \"qualiﬁed\" earlier in the sentence;\nthe no-extra-documentation-without-contrary-info elaboration\nparaphrased in description.\n"
  promoted_at: '2026-05-25T20:08:21+00:00'
  promoted_from: fnma-sel-b3-3-1-01-roundd-v1.yaml
  program_review: Does the program ensure income is qualified only where continuance can reasonably be expected for the foreseeable future, evaluated on the nature of the income and supporting documentation (no-defined-expiration + documented history → may conclude continuance absent contrary info)?
  file_review: Review the continuance evaluation per source; the compliance person judges the likelihood-of-continuance conclusion.
  judgment: true
- id: fnma-sel-b3-3-1-01-three-year-continuance-defined-expiration
  canonical_id: fnma-sel-b3-3-1-01-three-year-continuance-defined-expiration
  section: "FNMA Selling Guide B3-3.1-01 — 3-year continuance documentation for income with defined expiration"
  description: 'If an income source has a defined expiration date or is

    dependent on the depletion of an asset account or other limited

    benefit, [LENDER] (lender) shall document that the income is

    expected to continue for at least three years from the note

    date. Additionally, when an asset account is the sole or

    majority source of qualifying income, [LENDER] shall assess the

    Borrower''s ability to continue repaying the loan once the income

    source expires or the asset is depleted prior to loan maturity.

    '
  type: do
  audit_question: For every loan with income having a defined expiration date or asset-depletion dependency, can [LENDER] produce documentation evidencing at least 3-year continuance from the note date? For asset-account-sole/majority income, can [LENDER] evidence its post-depletion repayment-ability assessment?
  workflow_phase: loan_origination
  owner_role: underwriting_manager
  secondary_owner_role: chief_credit_officer
  cadence: per-defined-expiration-income
  consequence: Under-3-year-continuance documentation or missing post-depletion assessment is a Selling Guide breach.
  tags:
  - round-d
  - regulator-direct
  - fnma
  - selling-guide
  - income-qualification
  - 3-year-continuance
  - asset-depletion
  - promoted
  primary_source:
    tier: 1
    authority: "FNMA Selling Guide B3-3.1-01 — Continuance of Income"
    source_class: fnma-guide
    source_url: https://singlefamily.fanniemae.com/media/document/pdf/selling-guide
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-05-25T14:09:57Z'
    content_hash: sha256:placeholder-snapshot-content-hash-from-source-json
    paragraph_quote: 'the lender must document that the income is expected to continue for at

      '
    drafter_attestation: 'Copied verbatim from snapshot 5f7b8b79da595d76. B3-3.1-01 3-year-

      continuance operative phrase. Quote truncated before "least three

      years from the note date" because a page-footer page-break

      ("Published May 6, 2026 / 301") sits between "at" and "least" in

      the PDF extraction; the "at least three years from the note date"

      tail and asset-account-depletion sister rule paraphrased in

      description.

      '
  promoted_at: '2026-05-25T20:08:22+00:00'
  promoted_from: fnma-sel-b3-3-1-01-roundd-v1.yaml
  program_review: Does the program account for income with a defined expiration or asset-depletion dependency — documenting ≥3-year continuance from the note date, and assessing post-depletion repayment ability where an asset account is the sole/majority qualifying source?
  file_review: For defined-expiration/asset-depletion income, confirm ≥3-year continuance documentation and, for sole/majority asset-account income, the post-depletion repayment-ability assessment.
  judgment: false
- id: fnma-sel-b3-3-1-01-lower-income-for-transitioning-borrower
  canonical_id: fnma-sel-b3-3-1-01-lower-income-for-transitioning-borrower
  section: "FNMA Selling Guide B3-3.1-01 — Lower income amount when borrower transitioning to lower pay"
  description: 'If [LENDER] (lender) is notified that a Borrower is transitioning

    to a lower pay structure (for example, due to pending retirement

    or a new job), [LENDER] shall use the lower income amount in

    qualifying, and shall determine that the lower amount is stable

    and predictable. The transitioning-pay rule prevents qualifying

    on a soon-to-disappear higher income.

    '
  type: do
  audit_question: If [LENDER] received notice of a Borrower transitioning to lower pay during loan processing, can [LENDER] evidence (a) use of the lower amount in qualifying, and (b) determination that the lower amount is stable/predictable?
  workflow_phase: loan_origination
  owner_role: underwriting_manager
  secondary_owner_role: loan_processor
  cadence: per-transitioning-borrower
  consequence: Qualifying on the higher pre-transition income after notice is a Selling Guide breach + R&W exposure.
  tags:
  - round-d
  - regulator-direct
  - fnma
  - selling-guide
  - income-qualification
  - pay-transition
  - retirement
  - promoted
  primary_source:
    tier: 1
    authority: "FNMA Selling Guide B3-3.1-01 — Continuance of Income (pay transition)"
    source_class: fnma-guide
    source_url: https://singlefamily.fanniemae.com/media/document/pdf/selling-guide
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-05-25T14:09:57Z'
    content_hash: sha256:placeholder-snapshot-content-hash-from-source-json
    paragraph_quote: 'the lender must use the lower income amount in qualifying

      '
    drafter_attestation: 'Copied verbatim from snapshot 5f7b8b79da595d76. B3-3.1-01 use-

      lower-income-transitioning-borrower operative requirement.

      '
  promoted_at: '2026-05-25T20:08:22+00:00'
  promoted_from: fnma-sel-b3-3-1-01-roundd-v1.yaml
  program_review: Does the program ensure that on notice a borrower is transitioning to lower pay (retirement, new job), the lower income amount is used and determined stable/predictable?
  file_review: Where transitioning-pay notice exists in the file, confirm the lower amount was used; the compliance person judges whether the lower amount was shown stable/predictable.
  judgment: true
- id: fnma-sel-b3-3-1-01-virtual-currency-not-eligible
  canonical_id: fnma-sel-b3-3-1-01-virtual-currency-not-eligible
  section: "FNMA Selling Guide B3-3.1-01 — Virtual currency income not eligible to qualify"
  description: '[LENDER] (lender) shall NOT use any income paid to or earned by

    the Borrower in the form of virtual currency, such as

    cryptocurrencies, to qualify the Borrower for the loan. Virtual-

    currency income is categorically excluded from qualifying income.

    '
  type: refrain
  audit_question: For every Borrower with disclosed virtual currency income, can [LENDER] evidence that no portion of that virtual currency income was used in qualifying ratios?
  workflow_phase: loan_origination
  owner_role: underwriting_manager
  secondary_owner_role: chief_credit_officer
  cadence: per-loan-with-crypto-income
  consequence: Using cryptocurrency income to qualify is a Selling Guide breach + R&W exposure.
  tags:
  - round-d
  - regulator-direct
  - fnma
  - selling-guide
  - income-qualification
  - virtual-currency
  - cryptocurrency
  - promoted
  primary_source:
    tier: 1
    authority: "FNMA Selling Guide B3-3.1-01 — Income Paid in Virtual Currency"
    source_class: fnma-guide
    source_url: https://singlefamily.fanniemae.com/media/document/pdf/selling-guide
    snapshot_id: 5f7b8b79da595d76
    fetched_at: '2026-05-25T14:09:57Z'
    content_hash: sha256:placeholder-snapshot-content-hash-from-source-json
    paragraph_quote: 'Any income paid to or earned by the borrower in the form of virtual currency, such as cryptocurrencies, is not eligible to be used to qualify for the loan.

      '
    drafter_attestation: 'Copied verbatim from snapshot 5f7b8b79da595d76. B3-3.1-01 virtual-

      currency-not-eligible operative restriction.

      '
  promoted_at: '2026-05-25T20:08:22+00:00'
  promoted_from: fnma-sel-b3-3-1-01-roundd-v1.yaml
  program_review: Does the program account for the categorical exclusion of virtual-currency (cryptocurrency) income from qualifying?
  file_review: Spot-check files disclosing virtual-currency income; confirm none was used in qualifying ratios.
  judgment: false
_promotion_history:
- promoted_at: '2026-05-25T20:08:22+00:00'
  candidate_path: obligations\_remediation\round-d-investor-guides\fnma-sel-b3-3-1-01-roundd-v1.yaml
  candidates_promoted: 5
  candidates_skipped_existing: 0
