Enact Holdings, Inc. · NASDAQ:ACT
Enact — Investor Presentation (June 2020)
45 slides from Enact's investor presentation, June 2020
Slide 1: Review and Calculating Military Income
CONFIDENTIAL Review and Calculating Military Income June 2020 Customer Education Brought to you by: Genworth Customer Development and Process Consulting Review and Calculate Military Income 0
Slide 2: Objective
CONFIDENTIAL 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
CONFIDENTIAL The Mortgage Application 1003/65 URLA https://singlefamily.fanniemae.com/media/4686/display Review and Calculate Military Income 2
Slide 4: Fannie Mae's URLA Page
CONFIDENTIAL 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
CONFIDENTIAL 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
CONFIDENTIAL https://www.fanniemae.com/singlefamily/uniform-residential-loan-application
Slide 7: New URLA (1003)
CONFIDENTIAL New URLA (1003) Review and Calculate Military Income 6
Slide 8: Military Status
CONFIDENTIAL 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 In
Slide 9: Employer
CONFIDENTIAL Employer Review and Calculate Military Income 8
Slide 10: Military Employer
CONFIDENTIAL Military Employer https://www.dfas.mil/ Review and Calculate Military Income 9
Slide 11: Active Duty Paydays LES and NPA
CONFIDENTIAL Active Duty Paydays LES and NPA https://www.dfas.mil/MilitaryMembers/payentitlements/2020ACPayDay/ Review and Calculate Military Income 10
Slide 12: Pay Codes For LES
CONFIDENTIAL Pay Codes For LES http://www.dfas.mil/ Review and Calculate Military Income 11
Slide 13: Military Compensation
CONFIDENTIAL Military Compensation http://militarypay.defense.gov Review and Calculate Military Income 12
Slide 14: Military Compensation
CONFIDENTIAL Military Compensation http://militarypay.defense.gov Review and Calculate Military Income 13
Slide 15: Military Allowances
CONFIDENTIAL Military Allowances https://militarypay.defense.gov/Pay/Allowances/BAS.aspx Review and Calculate Military Income 14
Slide 16: Military Income- Fannie Mae
CONFIDENTIAL Military Income- Fannie Mae Review and Calculate Military Income 15
Slide 17: Verification of Military Income- Fannie Mae
CONFIDENTIAL 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 Review and Calculate Military Income 16
Slide 18: Military Income- Freddie Mac
CONFIDENTIAL Military Income- Freddie Mac Review and Calculate Military Income 17
Slide 19: Military Income- Freddie Mac
CONFIDENTIAL 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 entitle
Slide 20: Military Income- Freddie Mac
CONFIDENTIAL 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 Revi
Slide 21: General tips when reviewing a written VOE
CONFIDENTIAL General tips when 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
Slide 22: Leave and Earning Statement (LES)
CONFIDENTIAL Leave and Earning Statement (LES) Name SS# Pay Date YRS SVC ETS Period Covered Entitlements Allotments Review and Calculate Military Income 21
Slide 23: Military Income
CONFIDENTIAL 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 contin
Slide 24: Military Service
CONFIDENTIAL 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. Review and Calculate Military Income 23
Slide 25: LES Review- Entitlements
CONFIDENTIAL 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 Separat
Slide 26: LES Review- Allotments
CONFIDENTIAL 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 25
Slide 27: LES Review Reference
CONFIDENTIAL LES Review Reference Review and Calculate Military Income 26
Slide 28: Understanding the LES
CONFIDENTIAL Understanding the LES https://www.dfas.mil/MilitaryMembers/payentitlements/aboutpay/ Review and Calculate Military Income 27
Slide 29: Army Reading Your LES link
CONFIDENTIAL https://www.dfas.mil/Portals/98/Documents/Military%20Members/Payentitlements/aboutpay/Army _reading_your_LES.pdf Review and Calculate Military Income 28
Slide 30: LES
CONFIDENTIAL LES Review and Calculate Military Income 29
Slide 31: CONFIDENTIAL Review and Calculate Military Income
CONFIDENTIAL * * Review and Calculate Military Income 30
Slide 32: CONFIDENTIAL Review and Calculate Military Income
CONFIDENTIAL * * Review and Calculate Military Income 31
Slide 33: CONFIDENTIAL Review and Calculate Military Income
CONFIDENTIAL * * Review and Calculate Military Income 32
Slide 34: CONFIDENTIAL Review and Calculate Military Income
CONFIDENTIAL * * Review and Calculate Military Income 33
Slide 35: CONFIDENTIAL Review and Calculate Military Income
CONFIDENTIAL * * Review and Calculate Military Income 34
Slide 36: CONFIDENTIAL Review and Calculate Military Income
CONFIDENTIAL * * Review and Calculate Military Income 35
Slide 37: CONFIDENTIAL Review and Calculate Military Income
CONFIDENTIAL * * Review and Calculate Military Income 36
Slide 38: Genworth Underwriting Guidelines
CONFIDENTIAL Genworth Underwriting Guidelines Review and Calculate Military Income 37
Slide 39: Genworth Rate Express
CONFIDENTIAL Genworth Rate Express® Review and Calculate Military Income 38
Slide 40: LOS Connections
CONFIDENTIAL LOS Connections Review and Calculate Military Income 39
Slide 41: Training Tools and Information
CONFIDENTIAL Training Tools and Information Review and Calculate Military Income 40
Slide 42: Training Tools and Information
CONFIDENTIAL Training Tools and Information Review and Calculate Military Income 41
Slide 43: Additional MI Site Information
CONFIDENTIAL Additional MI Site Information Review and Calculate Military Income 42
Slide 44: Your Genworth Resources
CONFIDENTIAL Your Genworth Resources ➢ ActionCenter®: 800 444.5664 ➢ Your Local Genworth Regional Underwriter ➢ Your Genworth Sales Representative Review and Calculate Military Income 43
Slide 45: Legal Disclaimer
CONFIDENTIAL 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 uncertainti