Genworth Financial Inc · NYSE:GNW
Genworth Financial — Investor Presentation (March 2021)
29 slides from Genworth Financial's investor presentation, Mar 11, 2021
Slide 1: COVID-19 Updates: Fannie Mae LL-2020-03/LL-2021-03 & LL-2020-04/LL-2021-04
COVID-19 Updates: Fannie Mae LL-2020-03/LL-2021-03 & LL-2020-04/LL-2021-04 Updates through March 11, 2021 March 2021 Customer Education Brought to you by: Genworth Customer Development and Process Consulting ©2021 Genworth Financial, Inc. All rights reserved. Fannie Mae LL-2021-04 and LL-2021-03 0
Slide 2: Fannie Mae COVID-19 Resources
Fannie Mae COVID-19 Resources Fannie Mae Updates, FAQs, Fannie Mae’s COVID 19 webpage https://singlefamily.fanniemae.com/ Fannie Mae LL-2021-04 and LL-2021-03 1
Slide 3: Fannie Mae COVID-19 Resources
Fannie Mae COVID-19 Resources Fannie Mae Updates, FAQs, Fannie Mae’s COVID 19 webpage https://www.fanniemae.com/here-help-single-family?_ga=2.180124900.1316512315.1605534079-1279158741.1597852529#lenders Fannie Mae LL-2021-04 and LL-2021-03 2
Slide 4: Fannie Mae COVID-19 Resources: FAQs
Fannie Mae COVID-19 Resources FAQs https://singlefamily.fanniemae.com/media/22326/display Fannie Mae LL-2021-04 and LL-2021-03 3
Slide 5: Fannie Mae COVID-19 Updates
Fannie Mae COVID-19 Updates Fannie Mae LL-2020-03 and LL-2020-04, both updated from their original issuance and replaced by LL-2021-03 & LL-2021-04 https://singlefamily.fanniemae.com/media/24811/display https://singlefamily.fanniemae.com/media/24816/display Fannie Mae LL-2021-04 and LL-2021-03 4
Slide 6: LL-2021-04
Fannie Mae LL-2021-04 Fannie Mae appraisal policies are effective immediately and have been extended for applications taken on or before April 30, 2021: – Temporary appraisal requirement flexibilities: Allowing exterior-only inspection appraisal or desktop appraisals for certain transactions, se
Slide 7: LL-2021-04
Fannie Mae LL-2021-04 Fannie Mae appraisal policies are effective immediately and have been extended for applications taken on or before April 30, 2021: – New Construction: where appraisals are “subject to completion per plans and specifications” and when properties are 100% complete but an inte
Slide 8: LL-2021-04
Fannie Mae LL-2021-04 Fannie Mae appraisal policies are effective immediately and have been extended for applications taken on or before April 30, 2021: – Appraisal waivers: encouraging lenders to accept waiver offers when eligible – No changes to delivery at this time – Completion report (Form
Slide 9: LL-2021-04
Fannie Mae LL-2021-04 Fannie Mae appraisal policies are effective immediately and have been extended until further notice: – HomeStyle® Renovation loans in process, allowing “Completion of Construction Certification” for draws when planned work has been completed. Additional supporting evidence,
Slide 10: LL-2021-04
Fannie Mae LL-2021-04 Fannie Mae appraisal policies are effective immediately and have been extended for applications taken on or before April 30, 2021 but Fannie Mae has indicated this will be the last extension: – Condo Waiver of Project review for loans with LTV ratios greater than 80% and up
Slide 11: LL-2021-04
Fannie Mae LL-2021-04 Fannie Mae appraisal policies reminders: – Reminder: Lenders may use other sources of condo project data to complete their project reviews, including, but not limited to appraisals, MLS records, plat map and site surveys, public records, state laws or local ordinances, and
Slide 12: LL-2021-04
Fannie Mae LL-2021-04 Reminders: – Virtual inspections: • Appraisers may use virtual inspection methods to augment the data and imagery that is used for either a desktop or exterior-only appraisal. • Traditional appraisals require the appraiser to perform a complete onsite interior and exterior
Slide 13: LL-2021-03
Fannie Mae LL-2021-03 Continuity of Income: For loan applications take through April 30, 2021 but Fannie Mae has indicated this will be the last extension for this policy – Verbal VOE • Lenders may obtain a written VOE confirming the borrower’s current employment status within the same timeframe as
Slide 14: LL-2021-03
Fannie Mae LL-2021-03 Effective for applications taken April 14, 2020 and until further notice: – Age of Documents • For most income and asset documents, age requirements is reduced from four months to two months or 60 days from the note date. If an asset statement is issued quarterly, lenders must
Slide 15: LL-2021-03
Fannie Mae LL-2021-03 Effective for applications taken April 14, 2020 and until further notice unless noted: – Self-Employment • Lenders must confirm that the borrower’s business is open and operating within 20 business days of the note date (or after closing but prior to delivery). See LL 2021-03 f
Slide 16: LL-2021-03
Fannie Mae LL-2021-03 Reminders and Suspension of Employment Validation Service – Reminder that unemployment may only be used if it clearly is associated with seasonal employment reported on the signed federal tax returns and lenders verified the income by following B3-3.1-09 of the Selling Guide. •
Slide 17: LL-2021-03 Effective June 2, 2020
Fannie Mae LL-2021-03 Effective June 2, 2020 And Remains Effective Until Further Notice In LL 2021-03 on next slide Fannie Mae LL-2021-04 and LL-2021-03 16
Slide 18: LL-2021-03 Effective June 2, 2020
Fannie Mae LL-2021-03 Effective June 2, 2020 And Remains Effective Until Further Notice Fannie Mae LL-2021-04 and LL-2021-03 17
Slide 19: LL-2021-03 Effective June 11, 2020
Fannie Mae LL-2021-03 Effective June 11, 2020 And Remains Effective Until Further Notice Note: The year-to-date profit and loss statement must be no older than 60 days as of the note date consistent with current Age of Documentation requirements in LL-2020-03 Fannie Mae LL-2021-04 and LL-2021-03 18
Slide 20: Updated SEB Profit and Loss FAQ For 2021
Updated SEB Profit and Loss FAQ For 2021 Fannie Mae LL-2021-04 and LL-2021-03 19
Slide 21: LL-2021-03 Effective June 11, 2020
Fannie Mae LL-2021-03 Effective June 11, 2020 And Remains Effective Until Further Notice Lenders must review the profit and loss statement, and business depository accounts, if required, and other relevant factors to determine the extent to which a business has been impacted by COVID-19. LL- 2021-03
Slide 22: Genworth Mortgage Insurance Credit Policy Announcements
Genworth Mortgage Insurance Credit Policy Announcements Genworth aligns with the GSE recent communications https://new-content.mortgageinsurance.genworth.com/documents/national/underwriting- guidelines/AnnouncementSummary.083020.pdf Fannie Mae LL-2021-04 and LL-2021-03 21
Slide 23: Genworth Underwriting Guidelines
Genworth Underwriting Guidelines Fannie Mae LL-2021-04 and LL-2021-03 22
Slide 24: Genworth Rate Express
Genworth Rate Express® Fannie Mae LL-2021-04 and LL-2021-03 23
Slide 25: Training Tools and Information
Training Tools and Information Fannie Mae LL-2021-04 and LL-2021-03 24
Slide 26: Training Tools and Information
Training Tools and Information https://new.mi.genworth.com/training/course/COVID-19-Self-Employed-Borrower-Updates https://new.mi.genworth.com/training/course/how-use-business-stability-and-income-calculator Fannie Mae LL-2021-04 and LL-2021-03 25
Slide 27: Additional MI Site Information
Additional MI Site Information Fannie Mae LL-2021-04 and LL-2021-03 26
Slide 28: Your Genworth Resources
Your Genworth Resources ➢ ActionCenter®: 800 444.5664 ➢ Your Local Genworth Regional Underwriter ➢ Your Genworth Sales Representative Fannie Mae LL-2021-04 and LL-2021-03 27
Slide 29: Legal Disclaimer
Legal Disclaimer Genworth Mortgage Insurance is happy to provide you with these training materials. While we strive for accuracy, we also know that any discussion of laws and their application to particular facts is subject to individual interpretation, change, and other uncertainties. Our train
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