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Credit Reports & Scoring is designed to help individuals understand their role and responsibilities when viewing credit reports. It will prepare Mortgage Loan Originators with the required knowledge in order to successfully analyze a borrower's credit report. You will obtain a clear understanding of the types of credit reports and how to access these reports. For more info: www.nafcu.org/genworth
Citation preview
Understanding Credit Reports & Credit
Scoring
March 2013
©2012 Genworth Financial, Inc. All rights reserved.
Overview & Course Objectives
Credit Reports & Scoring
Credit Reports & Scoring is designed to help individuals understand their role and responsibilities when
viewing credit reports. It will prepare Mortgage Loan Originators with the required knowledge in order
to successfully analyze a borrowers credit report. You will obtain a clear understanding of the types of
credit reports and how to access these reports. You will also have an understanding of all credit
reporting and nontraditional credit compliance guidelines.
Upon completion of this course, attendees will be able to effectively:
–Understand Credit Report Types
–Review and Analyze Credit Reports
–Obtain a clear understanding of Credit Scoring Basics
–Understand Agency Guidelines
–Gain knowledge of the legal requirements of FICO Score
1 Credit Reports & Credit Scoring
Credit Report Types
•A credit report is a record of the borrower’s credit activities. There are three types of credit reports
that provide data on the borrower’s liabilities and payment histories. They are:
An in-file credit report is credit data received directly from a national credit bureau. This data is not verified.
A tri-merge credit report is obtained from a credit reporting agency and contains data collected from three national
repositories.
A factual credit report also called a RMCR (Residential Mortgage Credit Report) is obtained from credit reporting
agencies and contains data collected by the agency from three national repositories. The credit agency verifies certain
data and conducts an interview with the applicant.
•REQUESTING THE CREDIT REPORT •Make sure when you order any type of credit report you:
Get the complete legal name of the borrower
Use the correct spelling of both the first and last name
Identify any alias the borrower may have
Confirm whether the borrower uses any generation suffix (Jr., III…)
•
•Only businesses or individuals with a “permissible purpose” can access a consumer’s credit report. The
consumer must be fully aware that their credit will be accessed and have granted permission to do so.
•
•Anyone who obtains a copy of a consumer’s credit report under false pretenses can be fined and jailed for
up to a year.
2 Credit Reports & Credit Scoring
Credit Report Basics •WHERE IS THE BORROWER’S CREDIT INFORMATION LOCATED? •Creditors voluntarily report the information to Credit Bureaus. A credit bureau is a
clearinghouse for credit history information. The bureau may also be referred to as a Credit
Repository. Credit grantors provide the bureau with factual information on how their credit
customers pay their bills. Each bureau assembles that information, along with public record
information obtained from courthouses, into a file on each consumer. There are three major
credit bureaus:
•
•Equifax: (800) 685-1111 www.equifax.com
•Experian: (888) 397-3742 www.experian.com
•Trans Union: (800) 916-8800 www.transunion.com
•
•These national agencies maintain centralized databases containing the credit records of more
than 200 million Americans. Credit bureaus generate over a half-billion credit reports a year.
•
Credit bureaus do not rate credit
Credit bureaus do not approve or reject consumer applications for credit.
Credit bureaus store and report the information
3 Credit Reports & Credit Scoring
Credit Report Basics ?WHO PREPARES THE CREDIT REPORTConsumer reporting agencies prepare credit reports. These agencies:
Specialize in obtaining records on the credit history of almost everyone who has borrowed money
Contact national repositories of accumulated credit records for each area of the country where the
applicant has lived during the most recent two-year period and prepare a credit report
PRIMARY CATEGORIES OF INFORMATION
:There are four primary categories of information
1.Identifying information
2.Credit history
3.Public records
4.Inquiries
Identifying info may include: Name, current & previous addresses, social security number, telephone
number, date of birth and current and previous employers
History of paying bills with credit grantors such as: retail stores, banks, finance companies and mortgage
companies
All available public record information and judgments, foreclosures, tax liens and bankruptcies
Information about inquiries during the past 120 days. However, a consumer’s copy will list all inquiries
for the past 24 months.
4 Credit Reports & Credit Scoring
Credit Report Basics •WHAT DETAILS DOES THE CREDIT REPORT INCLUDE? For each debt listed, it provides the:
Creditor’s name
Date the account was opened
Amount of the highest credit or original loan amount
Required payment amount and unpaid balance
Current status of the account
Payment history
Any remarks or Special Comments to describe the loan situation (real estate loan, loan modification, in
dispute, FNMA loan, etc.)
•Information the Credit Report will Not Include:
Checking or savings account information
Medical history
Purchases made with cash
Race, gender, religion, or national origin
•
5 Credit Reports & Credit Scoring
Credit Report Basics •Free Personal Credit Report
•The Fair Credit Reporting Act (FCRA) and the Fair and Accurate Credit
Transactions (FACT) Act, provide that every consumer is entitled to one *free
Personal Credit Report from each of the 3 national credit reporting agencies
annually
•
•Request Online www.annualcreditreport.com
•
•Request by Phone (877) 322-8228
•
•Request by Mail Annual Credit Report Request Service
• P.O. Box 105281
• Atlanta, GA 30348-5281
6 Credit Reports & Credit Scoring
*It is important to note that a credit report is free, but a score is not. People often confuse and interchange
"report" and "score".
The Credit Report Sample
Credit Reports & Credit Scoring
Sample Credit Report Legend
8 Credit Reports & Credit Scoring
Sample credit report retrieved with permission from Credit Plus
http://www.creditplus.com/index.html
Sample Credit Report Legend
9 Credit Reports & Credit Scoring
Sample credit report retrieved with permission from Credit Plus
http://www.creditplus.com/index.html
Sample Credit Report Legend
10 Credit Reports & Credit Scoring
Sample credit report retrieved with permission from Credit Plus
http://www.creditplus.com/index.html
Sample Credit Report Legend
11 Credit Reports & Credit Scoring
Sample credit report retrieved with permission from Credit Plus
http://www.creditplus.com/index.html
Sample Credit Report Legend
12 Credit Reports & Credit Scoring
Sample credit report retrieved with permission from Credit Plus
http://www.creditplus.com/index.html
Note: Based on the type of debt it may be calculated differently by investors
Sample CREDIT REPORT
13 Credit Reports & Credit Scoring
Sample credit report retrieved with permission from Credit Plus
http://www.creditplus.com/index.html
Sample Credit Report
14 Credit Reports & Credit Scoring
Sample credit report retrieved with permission from Credit Plus
http://www.creditplus.com/index.html
Sample Credit Report
15 Credit Reports & Credit Scoring
Sample credit report retrieved with permission from Credit Plus
http://www.creditplus.com/index.html
SAMPLE CREDIT REPORT
16 Credit Reports & Credit Scoring
Sample credit report retrieved with permission from Credit Plus
http://www.creditplus.com/index.html
Verify the borrower’s PITI payment as the payment listed may only be P&I
SAMPLE CREDIT REPORT
17 Credit Reports & Credit Scoring
Sample credit report retrieved with permission from Credit Plus
http://www.creditplus.com/index.html
Review who is reporting the tradeline information. Some investors may
require a minimum number of tradelines for a score to be considered
usable.
SAMPLE CREDIT REPORT
18 Credit Reports & Credit Scoring
Sample credit report retrieved with permission from Credit Plus
http://www.creditplus.com/index.html
Remember to include all collection amounts that are required to be paid in
the total assets required.
SAMPLE CREDIT REPORT
19 Credit Reports & Credit Scoring
Sample credit report retrieved with permission from Credit Plus
http://www.creditplus.com/index.html
Verify if the Inquiry resulted in new debt and re-calculate the total debt ratio
when applicable.
SAMPLE CREDIT REPORT
20 Credit Reports & Credit Scoring
Sample credit report retrieved with permission from Credit Plus
http://www.creditplus.com/index.html
Review for all Public Records and apply the appropriate credit
requirements
SAMPLE CREDIT REPORT
21 Credit Reports & Credit Scoring
Sample credit report retrieved with permission from Credit Plus
http://www.creditplus.com/index.html
Have the required Fraud reviews been ordered?
SAMPLE CREDIT REPORT
22 Credit Reports & Credit Scoring
Sample credit report retrieved with permission from Credit Plus
http://www.creditplus.com/index.html
Sample Credit Report
23 Credit Reports & Credit Scoring
Sample credit report retrieved with permission from Credit Plus
http://www.creditplus.com/index.html
Sample Credit Report
24 Credit Reports & Credit Scoring
Sample credit report retrieved with permission from Credit Plus
http://www.creditplus.com/index.html
Credit Report Basics & Example •HOW LONG DOES INFORMATION REMAIN ON A CREDIT REPORT?
•General Information will date back to the initiation of the credit account. Limitations
apply to bankruptcies and other delinquent or derogatory items, such as:
25 Credit Reports & Credit Scoring
Type Limitation
Bankruptcy Chapter 7
Bankruptcy Chapter 13
10 years from the date of entry of the order for
release
7 years from the date of entry of the order for
release
Suits & Judgments 7 years from date of entry or expiration of
appropriate statute of limitations, whichever is longer
Tax Liens - PAID *7 years from date of payment
Tax Liens - UNPAID No limitation
Charged to Profit & Loss 7 years
Criminal Record Limitations No Limitations on criminal conviction
Other Adverse Information 7 years
*Based on IRS reporting
Credit Report Basics & Example
26 Credit Reports & Credit Scoring
•CONSUMER DISPUTES (FCRA)
Changes to credit data must actually take place at the repository level in order for the
information to affect the score Consumers must write a letter of dispute regarding the erroneous
information to the appropriate repository referencing the trade line, account number(s), and the
specifics of the reported error
Under the Fair Credit Reporting Act, a credit repository has 5 days from receipt of a written
investigation request to contact the appropriate credit grantor about the complaint and then to
receive a reply back within 30 days of the original repository notification
Within 5 days of completion of the investigation, the repository must send a written report to the
consumer with its findings (and a copy of the revised report if there were any changes)
•CONSUMER DISPUTES (FCRA) OUTCOMESConsumer Disputes may result
in three possible scenarios:
No response from the creditor at all…the data is REMOVED
Confirmation from the creditor…the data STANDS
Revision by the creditor…the data is CHANGED
In all cases, the consumer is NOTIFIED of the results.
For more on consumer rights, go to: www.ftc.gov/credit
Credit Scoring Model, Score Ranges
Credit Reports & Credit Scoring
Credit Scoring Basics •WHAT IS A CREDIT SCORE?
A Statistical Model
A Predictor of Future Performance Based on Prior Experience
A Model Base on Known Performance
A Scorecard Factoring in Many Characteristics
A Value Falling in a Range from approximately 300 to 850
28 Credit Reports & Credit Scoring
Pro
ba
bili
ty o
f
Defa
ult/D
elin
qu
ency
0%
LOW
Score
HIGH
Credit Scoring Basics
•FICO
•The most common credit score in use was developed by Fair Isaac Company
(FICO).
Evaluates the borrower’s credit data
Assigns a “score” which predicts borrowers’ likelihood to repay credit obligations •
•Fannie Mae, Freddie Mac, and large banks have introduced score-based underwriting systems.
•
•Most major mortgage companies either:
Use scoring through the systems provided by their investors
Develop their own scoring technology
•
29 Credit Reports & Credit Scoring
•Who Provides and Uses Scoring?
#1 Poll Question
30 Credit Reports & Credit Scoring
Credit Scoring Basics Benefits of Credit and Mortgage Scoring
Scoring enables lenders to:
Achieve consistency & objectivity in underwriting
Identify high risk loans from a credit perspective
Bring efficiency, consistency and profitability to all aspects of the industry
Scores are indicators of risk and performance for the credit portion of the file. Underwriters
continue to use their knowledge and experience, as well as agency guidelines to evaluate risk
and make loan decisions.
31 Credit Reports & Credit Scoring
Credit Scoring Basics-FICO Model
Payment information
Public record and collection items
Severity, recentness and frequency of delinquencies
noted in the trade line section
Outstanding debt
Number of balances recently opened
Average balance across all trade lines
Relationship between total balances and total credit
limits on revolving trade lines
Credit history
Age of oldest trade line
Number of new trade lines
Pursuit of new credit
Number of inquiries and new account openings in the
last year
Amount of time since most recent inquiry
Types of credit in use
Number of trade lines reported for each type
Bankcard
32 Credit Reports & Credit Scoring
Travel and Entertainment cards
Department store cards
Personal finance company references
Installment loans
Other
This information was taken from Fair Isaac Credit Bureau Risk Scores and www.myfico.com
http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx
Credit Scoring Basics-FICO® Model Sample Credit Report- Reason Codes
33 Credit Reports & Credit Scoring
Sample credit report retrieved with permission from Credit Plus
http://www.creditplus.com/index.html
Note the Reason Codes
The Different FICO® Scoring Models Standard Models
Equifax Beacon 5.0
Trans Union FICO® Risk Score, Classic 04
Experian /Fair Isaac Risk Model V2
Different types of Credit Inquiries
Below the Line (“Soft”) Inquiries
Consumer File Inquiries
Credit Seeking Inquiries
De-duping Process Inquiries
34 Credit Reports & Credit Scoring
•Credit Inquiry Impact on Credit Score
•Above-the-line inquiry: Impacts
consumer’s credit score
Purchasing a car
Applying for a mortgage
Applying for credit cards
Other loans/financing
•Below-the-line-inquiry: No impact on
consumer’s credit score
Consumer obtaining their own credit report
for monitoring purposes
Companies offering pre-approval programs
to consumers
MI Company queries
The Different FICO® Scoring Models •30-Day Buffer:
No Auto or Mortgage inquiry within 30 days from the current inquiry is counted in the score
• De-Dupe Periods (Depending on Score Version):
14-days – All Auto inquiries within a rolling 14-day window count as 1 Auto inquiry; All Mortgage inquiries within a rolling 14-day window count as 1 Mortgage inquiry
45-days – All Auto inquiries within a rolling 45-day window count as 1 Auto inquiry; All Mortgage inquiries within a rolling 45-day window count as 1 Mortgage inquiry
•Factor or “Reason” Codes
Reason codes are listed in DESCENDING order of importance and are displayed with each score
Reason codes show which area of the consumer’s credit did not score as highly as possible. In some cases – these reasons highlight issues not associated with traditional “derogatory” information.
These codes can be relayed back to the borrower to explain how they can change/improve their credit profile (over time)
Score factors seem less “relevant” for higher-scoring consumers as they merely indicate the reason why they did not score HIGHER
•
35 Credit Reports & Credit Scoring
Legal Requirements
Fact Act, Notice to Home Applicant, RBR Notice
Credit Reports & Credit Scoring
Legal Requirements of the FICO® Score –
The FACT Act
• •What must be disclosed or provided to the Consumer?
Consumer’s current credit score
Range of possible credit scores under the model used
Up to five key factors that affected the score
Date the score was created
Name of the person/entity that provided the score
Notice to Home Loan Applicant
37 Credit Reports & Credit Scoring
Credit Score Information Disclosure
•http://www.bankersonline.com/tools/credscordiscl.doc
•
•Notice To The Home Loan Applicant
• •In connection with your application for a home loan, the lender must disclose to you the score that a consumer-reporting agency distributed
to users and the lender used in connection with your home loan, and the key factors affecting your credit scores.
•
•The credit score is a computer-generated summary calculated at the time of the request and based on information that a consumer reporting
agency or lender has on file. The scores are based on data about your credit history and payment patterns. Credit scores are important
because they are used to assist the lender in determining whether you will obtain a loan. They may also be used to determine what interest
rate you may be offered on the mortgage. Credit scores can change over time, depending on your conduct, how your credit history and
payment patterns change, and how credit-scoring technologies change.
•
•CREDIT REPORTS & SCORES
•Because the score is based on information in your credit history, it is very important that you review the credit-related information that is
being furnished to make sure it is accurate. Credit records may vary from one company to another.
•If you have questions about your credit score or the credit information that is furnished to you, contact the consumer reporting agency at the
address and telephone number provided with this notice, or contact the lender, if the lender developed or generated the credit score. The
consumer-reporting agency plays no part in the decision to take any action on the loan application and is unable to provide you with specific
reasons for the decision on a loan application.
•
•If you have questions concerning the terms of the loan, contact the lender.
•
•The following company provided the credit score used in making a decision for your loan request. The company that provided the credit
score also provided the credit file that your score is based upon.
•
•Experian
•701 Experian Parkway
•PO Box 2002
•Allen, TX 75013-0036
•Toll Free 888-397-3742
38 Credit Reports & Credit Scoring
CREDIT REQUIREMENTS
39 Credit Reports & Credit Scoring
The Federal Reserve Board and Federal
Trade Commission (hereinafter, the
"Agencies") jointly adopted the Risk Based
Pricing Rule ("Rule"), which was published
on January 15, 2010. Compliance with the
Rule was required by January 1, 2011. The
Rule requires a creditor that uses a credit
report or score in connection with a
consumer's application for, or a grant,
extension, or other provision of, credit that is
primarily for personal, family, or household
purposes, to provide the consumer a Risk-
Based Pricing Notice ("Notice") when, based
wholly or partially on the credit report or
score, the creditor grants, extends, or
otherwise provides credit to the consumer on
material terms that are materially less
favorable than the most favorable material
terms available to a substantial proportion of
consumers from or through that creditor.
http://edocket.access.gpo.gov/2010/pdf/E9-30678.pdf
Risk-Base Pricing (RBP) Notice
40
http://www.icba.org/files/ICBASites/PDFs/FinalRulesonRiskBasedPricing.pdf
http://www.scoreinfo.org/Disclosure-Notices/Risk-Based-Pricing-Notice.aspx
Credit Reports & Credit Scoring
Credit Uses Agency Requirements
Credit Reports & Credit Scoring
42
#2 Poll Question
Credit Reports & Credit Scoring
Fannie Mae Credit Requirements with DU®
https://www.efanniemae.com/sf/technology/ou/du/pdf/ducreditscoremodel.pdf
43 Credit Reports & Credit Scoring
Fannie Mae Credit Requirements with DU®
44
DU Credit Score Requirements
Credit scores are not an integral part of DU's risk assessment (DU performs its own
analysis of the credit report data); however, lenders must request credit scores for
each borrower from each of the three credit repositories when they order the three
in-file merged credit report. If one or two of the credit repositories do not contain any
credit information for the borrowers who have traditional credit, the credit report is
still acceptable as long as
–credit data is available from one repository,
–a credit score is obtained from that repository, and
–the lender requested a three in-file merged report.
If the transaction does not meet the above requirements, or if every borrower on the
loan application lacks at least one credit score, then DU will issue an Out of Scope
recommendation. The loan may be manually underwritten by establishing a
nontraditional credit profile for the borrower(s).
Credit Reports & Credit Scoring
2013 Selling Guide
Part B, Origination Through Closing
Subpart B3, Underwriting Borrowers
Chapter B3-5, Credit Assessment
Section B3-5.1, Credit Scores
B3-5.1-01, General Requirements for Credit Scores (11/13/2012)
Fannie Mae Credit Requirements Representative Credit Score
45 Credit Reports & Credit Scoring
B3-5.1-02, Determining the Representative Credit Score for a Mortgage Loan (08/21/2012) [1] https://www.efanniemae.com/sf/guides/ssg/sgpdf.jsp
2013 Selling Guide
Part B, Origination through Closing
Subpart B3, Underwriting Borrowers
Chapter B3-5, Credit Assessment
Section B3-5.1, Credit Scores
Fannie Mae Credit Requirements
?What is the representative score
46 Credit Reports & Credit Scoring
Fannie Mae Credit Requirements with DU®
47 Credit Reports & Credit Scoring
2013 Selling Guide
Part B, Origination Through Closing
Subpart B3, Underwriting Borrowers
Chapter B3-5, Credit Assessment
Section B3-5.1, Credit Scores
B3-5.1-01, General Requirements for Credit Scores (11/13/2012)
Fannie Mae Credit Requirements with DU®
https://www.fanniemae.com/singlefamily/originating-underwriting
48 Credit Reports & Credit Scoring
-B3-5.3-07, Significant Derogatory Credit Events — Waiting Periods and Re
establishing Credit (05/15/2012)
Fannie Mae Credit Requirements with DU®
49 Credit Reports & Credit Scoring
Fannie Mae Credit Requirements with DU®
Credit Processing– Authorized User Accounts: DU considers authorized user accounts in it’s credit risk
assessment. FICO scores may be impacted but DU’s risk engine looks at the trade lines
and makes a credit recommendation.
– Lenders typically should underwrite without the benefit of these trade lines unless your
borrower is the authorized user and you have confirmed they have been making the
payments on the account.
50 Credit Reports & Credit Scoring
:The total monthly obligation is the sum of the following
– Monthly housing expense (PITI)
– Monthly payments on installment debts and other mortgage debts that extend
beyond ten months (including deferred installment loans);
– Monthly payments on revolving debts (unless payoff and closing out);
– 30 Day charge accounts -monthly balance will not be calculated in the DTI but
included as reserves in the “required funds to be verified” with DU 9.0
• Do not Omit or mark paid by close
• Verify MOP is “O” on credit report and mapped correctly into DU
– Monthly payments on lease agreements, regardless of the expiration date of the
lease;
– Any net loss from a rental property
– Any deferred student loan with no payment lenders may use 2% of the UPB or
obtain documentation of what the actual payment will be
– Any debit that significantly impacts the borrower’s ability to pay their monthly
obligations must be counted
Liabilities Calculated in DU®
51 Credit Reports & Credit Scoring
:The total monthly obligation is the sum of the following
– Monthly alimony, child support, or maintenance payments that extend beyond
ten months
– Nonreimbursed Employee Expenses (when a 24 month average can not be
calculated the monthly expenses is used in the DTI and NOT used to reduce
monthly income)
– Business debt in the borrower’s name unless-
• the account in question does not have a history of delinquency,
• the business provides acceptable evidence that the obligation was paid out of company
funds (such as 12 months of canceled company checks), and
• the lender’s cash flow analysis of the business took payment of the obligation into
consideration.
Liabilities Calculated in DU®
52 Credit Reports & Credit Scoring
Updated Logic for Disputed Trade lines with 9.0
– IF DU doesn’t issue the disputed tradeline message, the lender is not required to
further investigate
• Lenders must include the payment, if any in the borrower’s DTI
Liabilities in DU®
53 Credit Reports & Credit Scoring
Freddie Mac Selection & Use of Credit Scores
54 Credit Reports & Credit Scoring
http://www.freddiemac.com/learn/pdfs/uw/credit_scores.pdf
Freddie Mac’s Use of Credit Scores
For an Accept Mortgage and an A-minus Mortgage, Loan Prospector has
determined that the Borrower's credit reputation is acceptable.
– In all other Mortgages, the Seller must thoroughly evaluate the Borrower's credit reputation
in accordance with the requirements set forth in this section and document in the Mortgage
file the Seller's conclusion the reputation is acceptable.
55 Credit Reports & Credit Scoring
Single-Family Seller/Servicer Guide, Bulletins and Industry Letters
Single-Family Seller/Servicer Guide, Volume 1
Chs. 37-38: Credit Underwriting
Chapter 37: Underwriting the Borrower
37.7: Evaluating Borrower credit reputation (08/21/12)
Freddie Mac’s Requirement on Inquires
Inquiries on the credit report generally reflect the Borrower's requests for
new or additional credit. Inquiries made for other purposes, such as general
solicitations not initiated by the Borrower or monitoring inquiries by current
creditors, typically are not shown on the credit report.When the credit report
indicates that a creditor has made an inquiry within the previous 120-day
period, the Seller must determine whether additional credit was granted. A
letter from the creditor or, if such a letter is unobtainable, a signed
statement from the Borrower may be used to determine whether additional
credit was obtained. If additional credit was granted, the Seller must obtain
verification of the debt and must consider the debt when qualifying the
Borrower subject to the requirements in Section 37.16, Monthly debt
payment-to-income ratio.
56 Credit Reports & Credit Scoring
Single-Family Seller/Servicer Guide, Bulletins and Industry Letters
Single-Family Seller/Servicer Guide, Volume 1
Chs. 37-38: Credit Underwriting
Chapter 37: Underwriting the Borrower
37.7: Evaluating Borrower credit reputation (08/21/12)
www.myfico.com
Credit Education & Information
Credit Reports & Credit Scoring
Credit Education & Information
http://www.myfico.com/crediteducation/brochures.aspx
Credit Reports & Credit Scoring
Genworth Guidelines
Access Genworth website www.mortgageinsurance.genworth.com• Click on rates and guidelines
59 Credit Reports & Credit Scoring
60 Credit Reports & Credit Scoring
61 Credit Reports & Credit Scoring
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 training is not intended as legal advice, and
is not a substitute for advice of counsel. You should always check with your own
legal advisors for interpretations of legal and compliance principles applicable to
your business.
,GENWORTH EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES
EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION WARRANTIES OF
MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH
RESPECT TO THESE MATERIALS AND THE RELATED TRAINING. IN NO
EVENT SHALL GENWORTH BE LIABLE FOR ANY DIRECT, INDIRECT,
INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES OF ANY KIND
WHATSOEVER WITH RESPECT TO THE TRAINING AND THE MATERIALS.
62 ©2012 Genworth Financial, Inc. All rights reserved.
®Loan Prospector is a Registered Trademark of Freddie Mac
® Desktop Originator/Desktop Underwriter (DO ® /DU ® ) are registered trademarks of Fannie Mae.