Enact Holdings, Inc. · NASDAQ:ACT
Enact — Investor Presentation (December 2019)
42 slides from Enact's investor presentation, December 2019
Slide 1: Reviewing and Calculating Military Income
Reviewing and Calculating Military Income December 2019 ©2019 Genworth Financial, Inc. All rights reserved.
Slide 2: Objective
Objective Understand the different types of income and the Leave and Earning Statement (LES) – Military Status – Documentation Requirements – Documentation Review – LES Review Reference Guide Review and Calculate Military Income 1
Slide 3: The Mortgage Application 1003/65 URLA
The Mortgage Application 1003/65 URLA https://www.fanniemae.com/content/news/urla-announcement-september-2017.pdf Review and Calculate Military Income 2
Slide 4: Fannie Mae's URLA Page
Fannie Mae’s URLA Page https://www.fanniemae.com/singlefamily/uniform-residential-loan- application?utm_source=fanniemae&utm_campaign=best_match Review and Calculate Military Income 3
Slide 5: Freddie Mac's URLA Page
Freddie Mac’s URLA Page http://www.freddiemac.com/singlefamily/sell/ulad.html Review and Calculate Military Income 4
Slide 6: Uniform Residential Loan Application link
https://www.fanniemae.com/singlefamily/uniform-residential-loan-application Review and Calculate Military Income 5
Slide 7: New URLA (1003)
New URLA (1003) Review and Calculate Military Income 6
Slide 8: Military Status
Military Status Enlisted Officer – Enlistment – Non-Commissioned (NCO) – Commissioned For Borrowers Who Are Active-Duty Members Of The United States Armed Forces, A History Of Military Employment Is Not Required For The Employment To Be Considered Stable Review and Calculate Military Income 7
Slide 9: Employer
Employer Review and Calculate Military Income 8
Slide 10: Military Employer
Military Employer https://www.dfas.mil/ Review and Calculate Military Income 9
Slide 11: Pay Codes For LES
Pay Codes For LES http://www.dfas.mil/ Review and Calculate Military Income 10
Slide 12: Military Compensation
Military Compensation http://militarypay.defense.gov Review and Calculate Military Income 11
Slide 13: Military Compensation
Military Compensation http://militarypay.defense.gov Review and Calculate Military Income 12
Slide 14: Military Income- Fannie Mae
Military Income- Fannie Mae https://www.fanniemae.com Review and Calculate Military Income 13
Slide 15: Verification of Military Income- Fannie Mae
Verification of Military Income- Fannie Mae When a Borrower is in the Military, in lieu of a Verbal or Written VOE, the Lender must obtain either – A Military Leave and Earnings Statement (LES) dated within 30 calendar days prior to the note date or – A Verification of employment through the Militar
Slide 16: Military Income- Freddie Mac
Military Income- Freddie Mac Military income A Borrower who is a member of the United States Armed Forces in active duty, a history of military employment is not required for the employment to be considered stable. Review and Calculate Military Income 15
Slide 17: Military Income- Freddie Mac
Military Income- Freddie Mac Military income, entitlements: A Borrower who is a member of the United States Armed Forces may receive pay entitlements such as flight or hazard duty, rations, clothing allowance or quarters allowance in addition to base pay. The Seller may consider entitlements qualify
Slide 18: Military Income- Freddie Mac
Military Income- Freddie Mac Reserve duty income If the Borrower is a member of a reserve component of the United States Armed Forces, the Seller may consider the reserve duty income for qualifying. A history of receipt of one year is required for the income to be considered stable Review and Calcul
Slide 19: If reviewing a written VOE
If reviewing a written VOE Current Military Active-duty Current Military Reserve or employment base (basic) pay and National Guard income entitlement income ▪ Date employment began ▪ Date employment began ▪ Current position ▪ Current position ▪ Year-to-date earnings with paid ▪ Base (basic) monthly
Slide 20: Leave and Earning Statement (LES)
Leave and Earning Statement (LES) Name SS# Pay Date YRS SVC ETS Period Covered Entitlements Allotments Review and Calculate Military Income 19
Slide 21: Military Income
Military Income Fannie Mae Selling Guide The following table contains examples of income types with and without defined expiration dates. This information is provided to assist lenders in determining whether additional income documentation may be necessary to support a three-year continuance. Note t
Slide 22: Military Service
Military Service Reenlistment can be requested up to 1 ½ years prior to but typically no later than 90 days of the military members ETS. The request to reenlist is not automatic & must be approved. Review and Calculate Military Income 21
Slide 23: LES Review- Entitlements
LES Review- Entitlements Base Pay *BAS- Food *BAH- Housing Special Pays Examples Include: – HDP Hardship Duty – HDIP Hazardous Duty Incentive Pay – AIP Assignment Incentive Pay – CZTE Combat Related Special Compensation – HFP Hostile Fire Pay/IDP Imminent Danger Pay – FSA Family Separation Pay http:
Slide 24: LES Review- Allotments
LES Review- Allotments Review For- Loans Child Support Housing- If the military member is living in on base housing you will see an allotment here Review and Calculate Military Income 23
Slide 25: LES Review Reference
LES Review Reference Review and Calculate Military Income 24
Slide 26: How to read a military LES link
http://www.military.com/spouse/military-benefits/money-management/how-to-read-a-military-les-leave- and-earnings-statement.html Review and Calculate Military Income 25
Slide 27: LES
LES Review and Calculate Military Income 26
Slide 28: Review and Calculate Military Income
* * Review and Calculate Military Income 27
Slide 29: Review and Calculate Military Income
* * Review and Calculate Military Income 28
Slide 30: Review and Calculate Military Income
* * Review and Calculate Military Income 29
Slide 31: Review and Calculate Military Income
* * Review and Calculate Military Income 30
Slide 32: Review and Calculate Military Income
* * Review and Calculate Military Income 31
Slide 33: Review and Calculate Military Income
* * Review and Calculate Military Income 32
Slide 34: Review and Calculate Military Income
* * Review and Calculate Military Income 33
Slide 35: Genworth Rate Express
Genworth Rate Express® mi.genworth.com Review and Calculate Military Income 34
Slide 36: Genworth Underwriting Guidelines
Genworth Underwriting Guidelines mi.genworth.com Review and Calculate Military Income 35
Slide 37: LOS Connections
LOS Connections mi.genworth.com Review and Calculate Military Income 36
Slide 38: Training Tools and Information
Training Tools and Information mi.genworth.com Review and Calculate Military Income 37
Slide 39: Training Tools and Information
Training Tools and Information mi.genworth.com Review and Calculate Military Income 38
Slide 40: Additional MI Site Information
Additional MI Site Information mi.genworth.com Review and Calculate Military Income 39
Slide 41: Your Genworth Resources
Your Genworth Resources ➢ ActionCenter®: 800 444.5664 ➢ Your Local Genworth Regional Underwriter ➢ Your Genworth Sales Representative Review and Calculate Military Income 40
Slide 42: 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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