Total verified liquid assets: $30,000. Employment offers or contracts: prohibits an employment offer or contract for future employment from a family member or interested party to the transaction Lender staffing, training, and policies and procedures:. Variable Annuity: In a variable annuity, the premium is. All guidance specific to COVID-19 will be communicated through Lender Letters . 02 D Boiler and Machinery / Equipment / Mechanical Breakdown. Her previous roles included litigation partner at Jenner & Block and general counsel at Fannie Mae. Guide Resources. This topic contains general information for income, including: Stable and Predictable Income. (Hourly gross pay x average # of hours worked per week x 52 weeks) / 12 months. Regular income amount: $6,000 per month. Fannie Mae’s underwriting guidelines emphasize the continuity of a borrower’s stable income. How Underwriters Calculate Income on Freddie Mac Asset Depletion Mortgages. The provisions should not be applied as a means to calculate a higher income amount for qualifying purposes, unless the income meets the definition of self-employment as stated in B3-3. Fannie Mae Cash-Out Refinance . The lender must verify the borrower's income in accordance with Section B3–3. Home, 80 percent. Fannie Mae does not set a minimum remaining term requirement at the time of loan purchase. Each ARM plan must offer lifetime and per. If I have a question on how to document income, I Google. the borrower’s most recent year of signed federal income tax returns, including Schedule 1 and Schedule E, or. Social Security, VA, or other government retirement or annuity. 3-13 , and Selling Guide section B5-6-02. 1-09, Other Sources of Income. The following table provides verification requirements for retirement, government annuity, and pension income. B3-3. These annuities are. Requirement. by Sarah LagattollaDirector of Credit Risksarah@bankersadvisory. is employed by family members (two years’ returns); is employed by interested parties to the property sale or purchase (two years’ returns); The lender must verify the ownership of the account and confirm that the account is vested and allows withdrawals regardless of current employment status. Carlos T. Annuity Income Watch Me! Annuity & Retirement Distribution Answer Me! Foundations On-Demand NOT YOUR ORDINARY INCOME 13 Notes: Watch Me! Annuity & Retirement DistributionConclusion. Non-liquid assets do not have to be verified, and will not be identified in a verification message. g. Earnings may not be used unless the borrower owns 100% of the business. Fannie Mae’s underwriting guidelines emphasize the continuity of a borrower’s stable income. Purchased through an insurance company or financial institution, income annuities offer guaranteed payments over a specific period or for life. If the income is verified to be nontaxable, and the income and its tax-exempt status are likely to continue, the lender may develop an “adjusted gross income” for the borrower by adding an amount equivalent to 25% of the nontaxable income to the borrower’s income. When consecutive credit documents are in the loan file, the most recent document. b. Launch Ask Poli for Sellers . The amount of funds that will be used for down payment, closing costs. Unless the lender has knowledge to the contrary, if the income does not have a defined expiration date and the applicable history of receipt of the income is documented (per. Document the following: a minimum 24-month history of trust income by obtaining copies of the borrower’s signed federal income tax returns for the most recent two years, and. Employment Documentation Provided by the Borrower’s Employer. WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) today announced plans to report its second quarter 2023 financial results on Tuesday morning, August 1, 2023, before the opening of U. Employment-Related Assets as Qualifying Income. Stable and Predictable Income. 1-09, Other Sources of Income, for boarder income requirements, and B5-6-02,. The servicer must determine the borrower’s housing expense-to-income ratio as outlined in Evaluating a Borrower’s Ability to Make a Cash Contribution in D2-3. DU does not consider the amount of non-liquid assets. For all Servicing Guide resources, please visit guide. The requirement to reduce the value of retirement assets consisting of stocks, bonds, and mutual funds by 30% when measuring the three-year continuance for retirement income was removed from the Selling Guide B3-3. Top Lender Questions on Federal Income Tax Returns, Installment Agreements, and Transcripts . Fannie Mae permits lenders to request specific or limited documentation from the IRS when submitting a request with the borrower’s consent on IRS Form 4506-C (such as requesting only the transcript for forms W2 or 1099), rather than always requiring the full transcript of the borrower’s personal income tax return (aka Form 1040). Income property, 75 percent. Area median income (AMI) estimates are provided to Fannie Mae by our regulator, the Federal Housing Finance Agency. The total qualifying income that results may not exceed the borrower's regular employment income. an IRS 1099 form. The following table provides the requirements for employment-related assets that may be used as qualifying income. a cash-out refinance transaction with a DTI ratio greater than 45%. . The following table provides the requirements for employment-related assets that may be used as qualifying income. This applies for a one-unit property in an amount up to 30% of the total gross income that is used to qualify the borrower for the mortgage if the boarder. Requirement. If income from a government annuity or pension account will begin on or before the first payment date. NOI. Determine if there is any information outside of the data submitted to DU that could have affected DU's. Fannie Mae customers! Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. 101, Appendix. Whether you’re just thinking about buying a home or have already started shopping, Fannie Mae offers expert guidance and insight into the homebuying process, your mortgage options, and what to expect along the way. The requirement to reduce the value of retirement assets consisting of stocks, bonds, and mutual funds by 30% when measuring the three-year continuance for retirement income. Obtain the following documents: a completed Form 1005, or. the borrower's recent Leave and Earnings Statement (LES) for military income and entitlements. Note: The tax-exempt nature of some of the above payments should also be considered. 2. (Biweekly gross pay x 26 pay periods) / 12 months. Temporary leave income: $2,000 per month. It is important to consider the tax implications of your annuity choices and consult with a tax. Learn more about calculating your DTI ratio. equivalent to 25% of the non-taxable income to the borrower’s income. The DU validation service offers lenders an opportunity to deliver loans with more certainty. / Retirement/ Gov't Annuity/ Pension Income; Browse. S. (Weekly gross pay x 52 pay periods) / 12 months. Funds needed to complete the. Subpart B1: Loan Application Package. 1 $2. Calculating Income 23 Fannie Mae Selling Guide. 3-01, Stocks, Stock Options, Bonds, and Mutual Funds (06/30/2015), for determining value and whether documentation of the borrower’s actual receipt of funds is required when used for the down payment and. The lender must verify the borrower's income in accordance with Section B3–3. This service is provided for the sole purpose of showing the applicable Area Median Income (AMI) for each applicable census tract. Hourly. 4 Billion for Fourth Quarter 2022. In a significant policy change, Fannie Mae has announced that, starting from the weekend after November 18, 2023, it will accept 5% down payments for owner-occupied 2-, 3-, and 4-unit homes. The loan is "secured" on the borrower's property. The following table provides verification requirements for retirement, government annuity, and pension. The Servicer must gross up all net income when the Borrower submits bank statements to support the income type. You can calculate your DTI ratio by dividing your recurring minimum expenses by your total monthly income. monthly income from annuities, insurance policies, retirement funds, pensions, disability or death benefits, rental income, and other income such as. Home Possible Income Limit – For the specific census tract, this is the maximum borrower income allowed to qualify for Home Possible. the business provides more than $12 billion of protected income payments. WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) today announced plans to report its second quarter 2023 financial results on Tuesday morning, August 1, 2023, before the opening of U. Lenders must verify this income and ensure it will continue for at least three years from the date of the mortgage application. a. Calculating the Borrower’s Housing Expense-to-Income Ratio. 25% Fannie. Variable Income. 1-09, Other Sources of Income. a copy of signed federal income tax return, an IRS W-2 form, or. 7 $3. Chapter B3-2: Desktop Underwriter (DU) Chapter B3-3: Income Assessment. Examples of income types without a defined expiration date. For mortgages originated for sale to the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation. 25 to determine the Borrower’s monthly gross. 1, Employment and Other Sources of Income. Biweekly. Base Pay (Salary or Hourly) Income. An annuity is a contract between an individual and an insurance company or financial institution in which the individual pays a lump sum or periodic payments in exchange for a guaranteed stream of income in the. Borrowers whose qualifying income is less than or equal to 50% of county area median income may qualify for a Very Low Income Loan. Non-taxable income refers to earnings that are exempt from income taxes. part-time job, second job, or seasonal income. It promotes financial stability, protects against overspending, and enables long-term financial planning. part of the credit review process, or. Annuity payout options determine how and when the funds invested in an annuity contract are paid out to the annuity holder. Total qualifying income = supplemental income plus the temporary leave income. is employed by family members (two years’ returns); is employed by interested parties to the property sale or purchase (two years’ returns); Items required for a complete BRP : Form 710, or equivalent, that is completed in its entirety. Sources "B3-3. If the Net Monthly Rental Income is a “breakeven” amount, the user must enter either $0. Assets used for the calculation of the monthly income stream must be owned individually by the borrower, or the co-owner of the assets must be a co-borrower of the mortgage loan. Underwriting Borrowers. Current Employment/Self-Employment and Income Gross Monthly Income Section Enter all income you receive from this employer each month, filling in the applicable line items and TOTAL. The maximum can be exceeded up to 45% if the borrower meets the credit score and reserve requirements reflected in the Eligibility Matrix . If income from a government annuity or pension account will begin on or before the first payment date, document the income with a benefit statement from the. (Weekly gross pay x 52 pay periods) / 12 months. 1, Employment and Other Sources of Income. The Fannie Mae guidelines allow borrowers to use retirement income, such as pensions, Social Security benefits, and distributions from retirement accounts like 401 (k)s or IRAs, for mortgage qualification. Fannie Mae and Freddie Mac offer a variety of coverage options. Allowable Age of Credit Documents. In this case, add the $200,000 and $700,000 together. 1, Employment and Other Sources of Income. All of the following loan parameters must be met in order for employment-related assets to be used as qualifying income: Loan Parameter. Share this answer If retirement income is paid in the form of a distribution from a 401 (k), IRA, or Keogh retirement account, determine whether the income is. Launch Ask Poli for Sellers . Nov. the amount and duration of the borrower's “temporary leave income,” which may require multiple documents or sources depending on the type and duration of the leave period; and. If income from a government annuity or pension account will begin on or before the first payment date, document the income with a benefit statement from the organization providing the income. DU will require the following: a completed Request for Verification of Employment (Form 1005), the borrower's recent paystub and IRS W-2 forms covering the most recent one-year period, or. Note: Changes since the last update are marked either NEW or UPDATED. Whether you’re just thinking about buying a home or have already started shopping, Fannie Mae offers expert guidance and insight into the homebuying process, your mortgage options, and what to expect along the way. Fannie Mae accepts a maximum of 36% ratio between total monthly income to total debt. 1-01, General Income Information,. Maximum LTV, CLTV, and HCLTV Ratio. If the property has resale restrictions, see B 5-5. Down payment. 9 $1. financial markets. The lender must verify employment income for all borrowers whose income is used to qualify for the mortgage loan. $1. Fannie Mae HomeView® can be used to satisfy the homeownership education. Assets used for the calculation of the monthly income stream must be owned individually by the borrower, or the co-owner of the assets must be a co-borrower of the. 32). The average Fannie Mae salary ranges from approximately $62,992 per year for Digital Transformation Consultant to $219,000 per year for Principal. Ask Poli is an Artificial Intelligence powered search tool. an IRS 1099 form. In some cases, Fannie Mae may require additional. When income from temporary leave is being used to qualify for the mortgage loan, the lender must enter the appropriate qualifying income amount into DU based on the requirements provided in B3-3. Income property, 75 percent. The lender must obtain all other employment documentation as required by the Selling Guide. Chapter B3-2: Desktop Underwriter (DU) Chapter B3-3: Income Assessment. 1-09, Other Sources of Income. The requirement to reduce the value of retirement assets consisting of stocks, bonds, and mutual funds by 30% when measuring the three-year continuance for retirement income. The total qualifying income that results may not exceed the borrower's regular employment income. Document regular receipt of income for the most recent 12 months. monthly income from annuities, insurance policies, retirement funds, pensions, disability or death benefits, rental. PART A Doing Business with Fannie Mae. Need additional assistance options for your down payment. 7$11. HUD, the parent of FHA, allows fixed-income borrowers to gross up 115% of their social security income. While every effort has been made to ensure the reliability of the content in Ask Poli, Fannie Mae's Selling Guide and its updates, including Guide Announcements and Release Notes, are the official statements of Fannie Mae's policies and procedures, and should be complied with in the event of discrepancies between information provided. Visit our consumer alert web page for more information, and please report any such scams to us: 1-800-2FANNIE (1-800-232-6643) Option 4. Perez Senior Vice President andFor borrowers putting in sweat equity to their homes for HomeReady loans, Fannie Mae no longer requires a 3% personal funds contribution nor caps the sweat equity contribution towards a down payment. 3; and. The stable and reliable flow of income is a key consideration in mortgage loan underwriting. Base Pay (Salary or Hourly) Income. However, Fannie Mae does allow certain exceptions to this policy for boarder income and properties with accessory units. These limits vary based on location and property size. Stable and Predictable Income. The documentation must support the history of receipt, if applicable, and the amount, frequency, and duration of the income. 1, Employment and Other Sources of Income. Supplemental income: $12,000/4 = $3,000. Stable and Predictable Income. Freddie Mac Form 65 • Fannie Mae Form 1003 URLA Effective 1/2021• Instructions Revised 10/2022 1e. Subpart B2: Eligibility. Guide Resources. These payments can be made for a predetermined period or continue for the annuity holder's lifetime. Financing Concession . Be sure to consult your automated underwriting system response and program descriptions. Retirement income: Income from retirement accounts (like a 401(k), IRA, 403(b), etc. Freddie Mac Form 65 • Fannie Mae Form 1003 URLA Effective 1/2021• Instructions Revised 10/2022 1e. The borrower has the right to select the insurer of their choice to provide property insurance for the subject property, provided that the insurance meets Fannie Mae's requirements. 1 $3. They can be an essential component of a retirement plan, helping to ensure financial. checking or savings accounts; investments in stocks, bonds, mutual funds, certificates of deposit, money market funds, and trust accounts; the amount vested in a retirement savings account; and. 0 0 Actual/Estimated. the lender must evaluate it according to Fannie Mae’s guidelines for income received from a partnership or an S corporation. Insights, products, and technology to help you grow your business. (This is referred to as "Monthly Market Rent" on the Form 1007. If the actual amount of federal and state taxes that would generally. If the lender enforces a maximum debt-to-income ratio of 36 percent, the maximum possible mortgage payment in this scenario is $2,350. This blog covers just some of the basics about establishing income continuance. Standard Freddie Mac. While every. a copy of signed federal income tax return, an IRS W-2 form, or. An income annuity is a financial product designed to provide a steady stream of income during retirement. 2-06, Fannie Mae Flex. An annuity is a financial product that pays out a series of income payments over time, typically used as a retirement income source or strategy. Borrowers whose qualifying income is less than or equal to 50% of county area median income may qualify for a Very Low Income Loan. Chapter B3-1: Manual Underwriting. Schmidt also oversees the company’s alternative asset investing and the hedging of variable annuity guarantees and chairs the Senior Asset Liability Committee. interest and dividend income (unless other evidence that asset will be depleted) military income. 7 $5. government annuity, or pension income for john homeowner with one of theSchedule K-1 Income. Social Security, VA, or other government retirement or annuity. Insurance companies usually offer it to individuals eager to secure a steady cash flow after retirement. freddiemac. If the asset (s) is jointly owned, all owners. All other paystub requirements remain unchanged. citizens. 0 0 Sales Price $265,0 0 0. Published August 3, 2022The new, user friendly Seller/Servicer Guide will make it significantly easier for you and your team to find, understand and share critical information. Note: Some of these asset types. Multiply the amount of the monthly net income by 1. When current lease agreements or market rents reported on Form 1007 or Form 1025 are used, the lender must calculate the rental income by multiplying the gross monthly rent (s) by 75%. The total qualifying income that results may not exceed the borrower's regular. Documentation for military income calculation for a VA loan may differ significantly. Dec. For additional information, see B3-3. For manually underwritten loans, Fannie Mae’s maximum total DTI ratio is 36% of the borrower’s stable monthly income. Regular income amount: $6,000 per month. Cash Value of Life Insurance and Debt-to-Income Ratios. Home, 60 percent. 501. There may be more coverage offerings. First payment date: July 1. If the part-time income is variable, refer to FAQ: How is variable income calculated? For information on part-time income that is seasonal, refer to FAQ: What are the requirements for seasonal income?Temporary leave income: $2,000 per month. When used for reserves, 100% of the value of the assets may be considered, and liquidation is not required. If retirement income is paid in the form of a distribution from a 401 (k), IRA, or Keogh retirement account, determine whether the income is expected to continue for at least. Manually underwritten loans: The minimum required reserves are documented in the Eligibility Matrix . 1 The risk profile of this loan casefile appears to meet Fannie Mae's guidelines. These annuities provide investors with the opportunity to generate returns based on the performance of underlying investments, while also providing a guaranteed income stream during retirement. The lender must verify the borrower’s ownership of the account or asset. The requirement to reduce the value of retirement assets consisting of stocks, bonds, and mutual funds by 30% when measuring the three-year continuance for. The lender must verify the borrower's income in accordance with Section B3–3. Fannie Mae customers! Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. For more questions on this specific. Fannie Mae permits lenders to request specific or limited documentation from the IRS when submitting a request with the borrower’s consent on IRS Form 4506-C (such as requesting only the transcript for forms W2 or 1099), rather than always requiring the full transcript of the borrower’s personal income tax return (aka Form 1040). Single-Family Division. m. Stable and Predictable Income. Underwriting Borrowers. 1-09, Other Sources of Income in December 2020. A borrower of a mortgage loan secured by a principal residence or second home may use funds received as a personal gift from an acceptable donor. Average Fannie Mae. The requirement to reduce the value of retirement assets consisting of stocks, bonds, and mutual funds by 30% when measuring the three-year continuance for retirement income was removed from the Selling Guide B3-3. The requirement to reduce the value of retirement assets consisting of stocks, bonds, and mutual funds by 30% when measuring the three-year continuance for retirement income was removed from the Selling Guide B3-3. an IRS 1099 form. If income from a government annuity or a pension account will begin on or before the first payment date, document the income with a benefit statement from the organization providing the income. 1Secondary employment must be documented by obtaining the following: a completed Request for Verification of Employment ( Form 1005 ); or. If the trust is established jointly, there may be more than one primary beneficiary as long as the income or assets of at least one of the individuals. Funds needed to complete the. 2022. Fannie Mae Gift of Equity . Fannie Mae mortgage originating and underwriting products are easy to use and designed to help you grow your business and meet your borrowers’ needs. Total verified liquid assets: $30,000. Tip income can be verified using a Request for Verification of Employment (Form 1005 or Form 1005 (S)), or recent paystubs and IRS W-2 forms. The lender must obtain. If the income is verified to be nontaxable, and the income and its tax-exempt status are likely to continue, the lender may develop an “adjusted gross income” for the borrower by adding an amount equivalent to 25% of the nontaxable income to the borrower’s income. " Selling Guide: Fannie Mae Single Family. DU loan casefiles: DU will determine the reserve requirements based on the following: Two months' reserves for a second home transaction. This type of annuity is designed to help individuals maintain their purchasing power over time, as the payments they receive will increase in response to rising prices. 12 CFR 30, Appendix A, and 12 CFR 160. For all mortgage loans (existing and new construction), the credit documents must be no more than four months old on the note date. Make sure you have your annuity and tax documents organized before you apply for the loan and you should be well-positioned to qualify. Factors such as age, gender, health status, investment amount,. This type of annuity is designed to help individuals maintain their purchasing power over time, as the payments they receive will increase in response to rising prices. Weekly. Minus 10% of $500,000 ($500,000 x . 1, Employment and Other Sources of Income. Continuity of Income. DU loan casefiles: DU will determine the reserve requirements based on the following: Two months’ reserves for a second home transaction. Credit documents include credit reports and employment, income, and asset documentation. 1-05, Secondary Employment Income (Second Job and Multiple Jobs) and Seasonal Income (12/15/2021). m. current receipt of trust income with one month’s bank statement or other equivalent document. If the borrower will return to work as of the first mortgage payment date, the. HomeReady. The purpose of scrutinizing declining bonus. Subpart B1: Loan Application Package. Temporary leave income: $2,000 per month. To gross up net income, the Servicer must: Establish the Borrower’s monthly net income in accordance with this Section 9202. d. citizen borrowers. Fannie Mae customers! Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. Launch Ask Poli for Sellers . Social Security, VA, or other government retirement or annuity. Chapter 4, Section E HUD 4155. When a component of the loan is validated by DU, the loan may. 9 $2. Lender may use the AMI limits for purposes of. Opinions, analyses,. 25 to determine the Borrower’s monthly gross. a copy of signed federal income tax return, an IRS W-2 form, or ; an IRS 1099 form. b. of this publication are granted to Fannie Mae-approved lenders, servicers, and other mortgage finance professionals, strictly for their own use in originating mortgages, selling mortgages to Fannie Mae, or servicing mortgages for Fannie Mae. Credit documents include credit reports and employment, income, and asset documentation. Hourly. The maximum can be exceeded up to 45% if the borrower meets the credit score and reserve requirements reflected in the Eligibility Matrix . If income from a government annuity or pension account will begin on or before the first payment date, document the income with a benefit statement from the. 2-06, Fannie Mae Flex. See the applicable section below for information on Social Security income. Temporary leave income: $2,000 per month. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible toYou can calculate your DTI ratio by dividing your recurring minimum expenses by your total monthly income. Fannie Mae’s underwriting guidelines emphasize the continuity of a borrower’s stable income. , ET,. Annuity Income Watch Me! Annuity & Retirement Distribution Answer Me! Foundations On-Demand NOT YOUR ORDINARY INCOME 13 Notes: Watch Me! Annuity & Retirement DistributionConclusion. Certain components of the loan file – income, employment, and assets – are eligible for validation by DU using electronic verification reports obtained from vendors. When you purchase an annuity, you can choose from several payout. Download PDF Guide (Published: November 01 2023) Search the Guide (For best result, pose your search like a question. HomeReady and Home Possible are commendable initiatives by Fannie Mae and Freddie Mac, respectively, aiming to make homeownership more attainable for low to moderate-income borrowers. Total qualifying income = supplemental income plus the temporary leave income. Explore Tools and Information to Help with Your Housing Journey. Inflation -adjusted annuities are typically offered by. Launch Ask Poli for Sellers . self-employment income. The Fannie Mae guidelines allow borrowers to use retirement income, such as pensions, Social Security benefits, and distributions from retirement accounts like 401 (k)s or IRAs, for mortgage qualification. For borrowers who have less than 25% ownership of a partnership, S corporation, or limited liability company (LLC), ordinary income, net rental real estate income, and other net rental income reported on IRS Form 1065 or IRS Form 1120S, Schedule K-1 may be used in qualifying the borrower provided the lender can. 1-08, Rental Income for further information, and B5-6-02, HomeReady Mortgage Underwriting. 2-01, Underwriting Factors and Documentation for a Self-Employed Borrower. Our sample generally desired immediate over deferred annuities. , guaranteed 40 hours/week). Income documentation as outlined in Form 710 based on income type. The following table provides verification requirements for notes receivable income. Total verified liquid assets: $30,000. Total qualifying income = supplemental income plus the temporary leave income. 4 for additional information about income calculation requirements and guidance. Fannie Mae Reports Net Income of $12. Lender must document 3–year continuance. When submitting rental income to DU for an investment property: The lender should calculate the net rental income amount for each property and enter the amount (either positive or negative) in the Net Monthly Rental Income in Section 3. an IRS 1099 form. If the Net Monthly Rental Income is a “breakeven” amount, the user must enter either $0. Section 5303. Certain components of the loan file – income, employment, and assets – are eligible for validation by DU using electronic verification reports obtained from vendors. An annuity is a contract between an individual and an insurance company, wherein the individual invests a sum of money in exchange for a series of periodic payments. 02 B Business Income (including Rental Value) Insurance. Approximately 78% of our participants preferred to pay $100,000 for lifelong cash payments immediately at retirement than to pay. Chapter B3-2: Desktop Underwriter (DU) Chapter B3-3: Income Assessment. Example. LTV. 1-02, Standards for Employment Documentation. Q3. the borrower’s recent paystub and IRS W-2 forms covering the most recent two-year period. Fannie Mae, October 2 2019. PART A Doing Business with Fannie Mae. Loan applications require a lot of paperwork. Fannie Mae. Which statement most accurately describes the role and function of Ginnie Mae in the secondary mortgage market. The table below details the standard coverage requirements.