Selling Guide

Published February 6, 2019

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

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 Announcements

The table below provides references to the Announcements that have been issued that are related to this topic.

Announcements Issue Date
Announcement SEL-2018-09 December 04, 2018
Announcement SEL-2015–07 June 30, 2015
Announcement SEL-2012–04 May 15, 2012
Announcement SEL-2010–13 September 20, 2010
Announcement 09–19 June 8, 2009