Income Series Part 2- Reviewing and Calculating Military ...

[Pages:41]Income Series Part 2- Reviewing and Calculating Military Income

November 2016

Genworth Mortgage Insurance Corporation

?2016 Genworth Financial, Inc. All rights reserved.

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

2

The Mortgage Application 1003/65



Review and Calculate Military Income

3

Review and Calculate Military Income



4

Calculating Income



5

New URLA (1003)

Review and Calculate Military Income

6

Employer

Review and Calculate Military Income

7

Military Status

Enlisted

? Enlistment

Officer

? 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

8

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