Enact Holdings, Inc. · NASDAQ:ACT
Enact — Investor Presentation (June 2021)
33 slides from Enact's investor presentation, June 2021
Slide 1: Review and Calculating Military Income
Review and Calculating Military Income June 2021 Genworth Mortgage Insurance Corporation and Genworth Mortgage Insurance Corporation of North Carolina ©2021 Genworth Mortgage Insurance Corporation. All rights reserved.
Slide 2: Genworth MI is now Enact
Genworth MI is now Enact We’re changing to remain focused on you. As part of our evolution, we are now known as Enact. We’re building on our trusted reputation for quality service and success with an increased focus on providing responsive solutions and insightful expertise for you. Learn more at ht
Slide 3: 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 3
Slide 4: URLA (1003)
URLA (1003) Cee Does not apply Employer or Business Name Phone (__)__-, Gross Monthly Income Street Unit #, Base 8 Jmonth City, State, IP. Country Overtime $___/menth Bonus $ tmeonth Position or Title Check if this statement applies: Commision §, “menth 1am employed bya family member, Stare Date_—_/
Slide 5: 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 5
Slide 6: Employer
Employer MILITARY Oni Force @ntionai Guard OQcoast Guard Mt) Ss Defense Finance and Accounting Service Providing payment services of the U.S. Department of Defense Enact
Slide 7: Military Employer
Military Employer https://www.dfas.mil/ 7
Slide 8: Active Duty Paydays LES and NPA
Active Duty Paydays LES and NPA https://www.dfas.mil/MilitaryMembers/payentitlements/2021ACPayDay/ 8
Slide 9: LES
LES DEFENSE FINANCE AND ACCOUNTING SERVICE MILITARY LEAVE AND EARNINGS STATEMENT 1D. [NAME (Last, First.aan SOC. SEC.NO. GRADE PAYDATE |YRSSVC [ETS [BRANCH JADSWOSSN [PERIOD COVERED SMITH JAMES MICHAEL HOOK wa onze | 9 seaees [ary [oatt +31 MAY 21 ENTITLEMENTS DEDUCTIONS “ALLOTMENTS ‘SUMMARY Type Am
Slide 10: LES
LES 10 |REMARKS: YTD ENTITLE 48737.81 IF TSP ELECTION AMT EXCEEDS NET AMT DUE, TSP WILL NOT BE DEDUCTED. -SPECIAL LEAVE ACCRUAL FOR COVID-19 WAS APPROVED. SOLDIERS MAY CARRY OVER THEIR EXCESS LEAVE UP TO 120 DAYS AT THE END OF FY2020. ALL EXCESS LEAVE MUST BE USED BY THE END OF FY2023 OR IT WILL BE
Slide 11: https://www.dfas.mil/MilitaryMembers/paydeductions/deductions/
https://www.dfas.mil/MilitaryMembers/paydeductions/deductions/ 11
Slide 12: LES Review Guide
LES Review Guide https://www.dfas.mil/Portals/98/Documents/Military%20Members/Payentitlements/aboutpay/Army_reading_your_LES.pdf?ver=2020-04-22-134400-497 12
Slide 13: LES Review Guide
LES Review Guide Fields 4 -9 contain the identification portion ofthe LES. “NAME: The member's ram in ast, fst, mid inital format, 280C. SEC. NO. The members Socal Secunty Number 3. GRADE: The member's curent pay grade, synonymous wit the Pay Entry Base Date (PEBD), 1+ S'YRS SVC: In two cigs, the ac
Slide 14: Military Compensation
Military Compensation http://militarypay.defense.gov 14
Slide 15: Military Compensation
Military Compensation http://militarypay.defense.gov 15
Slide 16: Military Allowances
Military Allowances https://militarypay.defense.gov/Pay/Allowances/BAS.aspx 16
Slide 17: Military Income- Fannie Mae
Military Income- Fannie Mae Military Income Military personnel may be entitled to different types of pay in addition to their base pay. Flight or hazard pay, rations, clothing allowance, quarters’ allowance, and proficiency pay are acceptable sources of stable income, as long as the lender can estab
Slide 18: 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 31 days for longer months), or • A verification o
Slide 19: Military Income- Freddie Mac
Military Income- Freddie Mac Documentation Requirements Streamlined Accept and Standard Documentation Level(s) Primary employment earnings: Military base All of the following: (basic) pay •YTD Military Leave and Earnings Statement and W-2 form(s) for the most recent calendar year Or all of the follo
Slide 20: Military Income- Freddie Mac
Military Income- Freddie Mac Documentation Requirements Streamlined Accept and Standard Documentation Level(s) Military entitlements (e.g., as flight or hazard History of receipt: A history of receipt is not All of the following: duty, rations, clothing allowance or quarters required for the income
Slide 21: Military Income- Freddie Mac
Military Income- Freddie Mac Documentation Requirements Streamlined Accept and Standard Documentation Level(s) Military Reserve and National History of receipt: One year All of the following: Guard income Continuance: Must be likely to continue for at •YTD Military Leave and Earnings Statement and W
Slide 22: General tips when reviewing a written VOE
General tips when reviewing a written VOE Current Military Active-duty Current Military Reserve or employment base (basic) pay National Guard income and entitlement income • Date employment began • Date employment began • Current position • Current position • Year-to-date earnings with paid through
Slide 23: Leave and Earning Statement (LES)
Leave and Earning Statement (LES) Name SS# Pay Date YRS SVC ETS Period Covered Entitlements Allotments 23
Slide 24: 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 25: 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 re-enlist is not automatic & must be approved. 25
Slide 26: 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 27: 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 27
Slide 28: Enact Rate Express
Enact Rate Express® Enact" MI&RATES | UNDERWRITING & GUIDES | LOS& CONNECTIONS | ENACT TOOLKIT | TRAINING ouRBLoG =| ABOUTUS Je’ve changed to Temain focused on you. Genworth MI is now Enact. ° Rate Express (0) Find Rates Quick GETA QUOTE Now Underwriting Innovate Underwriting Know More & 800 444.566
Slide 29: Enact Underwriting Guidelines
Enact Underwriting Guidelines 29
Slide 30: Enact Training Resources
Enact Training Resources Genworth Ml is now Enact MI&RATES | UNDERWRITING & GUIDES | LOS & CONNECTIONS | ENACT TOOLKIT TRAINING =| ~ 6 & 800.444.5664 | | me We've changed to emain focused on you. Genworth MI is now Enact. ee fe & Training Boost Your Knowledge LEARN Now Underwriting Op Rate Express I
Slide 31: Enact Training Resources
31 Enact Training Resources Enact borrower's average monthly income and expenses. Fannie Mae Form 1084 Calulator(2018- Freddie Mac Form $2 Calculator (2019- 2020) current Ratio -LiuidityCaleulator Gorszeaq Fannie Mae Rental Guide (Calculator ‘03s}. geste ganna tc teeetom 3 OOOO Self-Employed Borrowe
Slide 32: Your Enact Resources
Your Enact Resources • ActionCenter® : 800 444.5664 • Your Local Enact Regional Underwriter • Your Enact Sales Representative 32
Slide 33: Legal Disclaimer
Legal Disclaimer Enact 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 training is