Fannie Mae Selling Guide B3-4.1-04 — Virtual Currency

fnma-sel-b3-4-1-04

Fannie Mae Selling Guide B3-4.1-04 — Virtual Currency.

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Verbatim provisions from Fannie Mae Selling Guide B3-4.1-04 — Virtual Currency — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.

Fannie Mae Selling Guide B3-4.1-04 — Virtual Currency

Effective 2022-05-04 · publisher's stamp for this provision

B3-4.1-04, Virtual Currency (05/04/2022) Introduction This topic contains information on the use of virtual currency, such as cryptocurrencies, as part of the asset assessment process. Virtual Currency Virtual Currency Virtual currency that has been exchanged into U.S. dollars is acceptable for the down payment, closing costs, and financial reserves provided the following requirements are met: there is documented evidence that the virtual currency has been exchanged into U.S. dollars and is held in a U.S. or state regulated financial institution, and the funds are verified in U.S. dollars prior to the loan closing. A large deposit may be from virtual currency that was exchanged into U.S. dollars. The lender must obtain sufficient documentation to verify the funds originated from the borrower's virtual currency account. Virtual currency may not be used for the deposit on the sales contract (earnest money) for the purchase of the subject property.

Source: Fannie Mae Selling Guide B3-4.1-04 — Virtual Currency · source URL · snapshot 2897f21e1e729b42

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Source of record: https://claudeforcompliance.com/regs/fnma-sel-b3-4-1-04/ · register fnma-sel-b3-4-1-04 · verbatim, source-snapshotted regulator text from the Claude for Compliance corpus. To work from every register at once, download the corpus and follow the methodology.