Session 1 takes the participant through a review of Freddie Mac's Form 91. The participant will calculate the qualifying income for a fictitious couple by entering their tax return data on the Form 91. For more info: www.nafcu.org/genworth

1. Tax Return Review Using Form 91
Case Study Part 1
©2012 Genworth Financial, Inc. All rights reserved.

2. Objective
Understand the meaning of “Self Employed”
‫‏‬
Learn to use Freddie Mac’s Form 91 to calculate supportable
‫‏‬
income for self-employed borrowers using tax returns.
Complete Freddie Mac’s Income Analysis Form 91
‫‏‬
– Calculate Expenses reported on a 2106 (Un-reimbursed Business
Expenses) Schedule A
– Calculate income from a Schedule C (Sole Proprietor) or 1099
Borrower
– Consideration of Capital Gains & Losses Schedule D
– Calculating Net Rental Income from Schedule E
– Calculating income from a Schedule F (Farm)
SEB-Form 91 SEB-
Form 91

3. IRS Form 4506-t
IRS 4506-t or similar forms
‫‏‬
– Allows lenders to obtain transcripts of
the tax returns for borrowers for free.
– Once signed and dated by applicant
the form is good for 120 days.
– 4506 or 8821 may also be used in lieu
of the 4506-t but these forms typically
cost to execute.
– Fannie Mae & Freddie Mac policy
requires the form to be signed at
application and again at closing if it
was not executed.
– Lenders typically may use discretion
as far as executing it with the IRS but
Fannie Mae “highly recommends “ it.
®Desktop Underwriter is a registered trademark of FannieMae
www.irs.gov
SEB-Form 91 SEB-
2
Form 91

4. Sample 4506t results
SEB-Form 91

5. 4506T Review
Verify-
‫‏‬
– Name
– Address
– SS#
Review-
‫‏‬
– Wages/W-2 Reported Line 7
– Alimony Received Line 11
– Schedule C Income/Loss Reported Line 12
– Scheduled D Capital Gains/Losses Reported Lines 13 & 14
– Schedule E Rental, K-1 1065, K-1 1120S, Trust Income/Losses Reported Line 17
– Schedule F Farm Income/Loss Reported Line 18
– Unemployment Compensation Received Line 19
– Alimony Paid Line 31a
– Schedule A Itemized Deductions
• Mortgage Interest Paid
• Real Estate Tax Deduction
• 2106 Expenses
SEB-Form 91 4

6. Does your borrower own 25% or more
of a business?
Does checking the Self Employed Indicator to yes-
increase the risk of the loan when evaluated by LP?
SEB-Form 91 5

7. Self Employed Indicator
SEB-Form 91

8. Does your borrower own 25% or more
of a business?
Does checking the Self Employed Indicator to yes-
increase the risk of the loan when evaluated by DU?
No
Yes
SEB-Form 91 7

9. You’ll Need-
SEB-Form 91

10. The Case Study…
The Case Study is a married couple John & Mary
Homeowner
Mary receives a W2 & a K 1 from a business she owns
67% of Zen Today, Inc. She has declared un-reimbursed
expenses against that income on a #2106.
Mary also operates a Sole Proprietorship that she
operates out of their home.
John owns 58% of an LLC. The LLC files a 1065 and
issued John a K 1. Recycle Fitness, LLC. He has
declared un-reimbursed expenses against that income.
Mary & John also own a Rental Property and a Apple
Orchard.
SEB-Form 91

11. Income Analysis Form 91
This is an interactive tool, you can enter data and
The website will do the calculations but remember
Garbage in Garbage out!
http://freddiemac.com/learn/uw/form_91.html
SEB-Form 91

12. Income Analysis Form 91 Cheat Sheet
SEB-Form 91

13. Income Analysis Form 91
Individual Tax Return (1040) 2011
1. W-2 Income from SE
Are any W2 wages filed? If yes, does the
borrower own more than 25% of the entity
that issued the W2?
SEB-Form 91 SEB-
Form 91

14. Form 1040
We will use the 1040 to identify the
if any wages were reported (line
7).Then we will review the
corresponding W2 forms.
Page 3
SEB-Form 91

15. Income Analysis Form 91
Individual Tax Return (1040) 2011
1. W-2 Income from SE
Is Mary Self Employed?
Page 2
SEB-Form 91

16. Income Analysis Form 91
Individual Tax Return (1040) 2011
1. W-2 Income from SE
Page 13 When a Borrower files a K1 it must be reviewed for % of ownership and
potential losses!
SEB-Form 91

17. 1120S K1
Page 35
SEB-Form 91

18. Income Analysis Form 91
Individual Tax Return (1040) 2010 2011
1. W-2 Income from SE 73,500 74,700
Page 2
SEB-Form 91

19. Income Analysis Form 91
2010 2011
2. Form 2106-Employee Business Expenses
Total Expenses (-) 0 (-)________
Depreciation (+) 0 (+)________
Check Schedule A to see if a #2106 form has been
completed by the borrower.
SEB-Form 91

20. Did Your Borrower file a Schedule A?
Review Line 40 Entry vs. Standard Deduction Values on Page 2 of 1040
‫‏‬
Page 4
SEB-Form 91

21. Schedule A Expenses
When a 2106 Worksheet has
been completed you must
review it for total expenses
declared!
Page 5
SEB-Form 91

22. 2106 Worksheet
Line 8 (a+b)= Total Expenses
Page 15
SEB-Form 91

23. Income Analysis Form 91
2. Form 2106-Employee Business Expenses
Total Expenses (-) 15,355
Depreciation (+) 0
SEB-Form 91

24. 2106 Worksheet for Mary’s W-2 Wage
12,455(miles) x .22cents= $2,740 of depreciation
In 2011 the standard mileage deduction was 51 cents which
includes 22 cents of depreciation on the vehicle.
Paper expenses = Qualifying Income!
Page 16
SEB-Form 91

25. Depreciation Factor
SEB-Form 91

26. Income Analysis Form 91
Individual Tax Return (1040) 2011
1. W-2 Income from SE 74,700
2. Form 2106-Employee Business Expenses
Total Expenses (-) 15,355 $62,085
Depreciation (+) 2,740
By offsetting the claimed unreimbursed expenses with the depreciation it
is now *$15,355- $2,740= $12,615
By reducing the annual income of $74,700 by the $12,615 will equal the
qualifying income.
$74,700- $12,615= $62,085 /12= $5,173 per month
*Some Investors require the Lender to establish a two year average and
reduced the Borrower’s income. If a two year average can not be
documented the annual expense will be used as a monthly liability.
SEB-Form 91

27. Depreciation Factor
Automobile Depreciation
‫‏‬
If a borrower claims a “standard mileage” deduction, the business
‫‏‬
miles driven should be multiplied by the depreciation factor for the
appropriate year, and the calculated amount added to the borrower’s
cash flow.
If a borrower claims an “actual depreciation expense” deduction, the
‫‏‬
amount the borrower claimed should be added to the borrower’s cash
flow.
‫‏‬
SEB-Form 91 26

28. 2106 Expenses
Nonreimbursed Employee Expenses
When a borrower has nonreimbursed business expenses, such as classroom supplies,
‫‏‬
uniforms, meals, gasoline, automobile insurance, and/or automobile taxes, the lender must
determine the borrower’s recurring monthly debt obligation for such expenses by developing a
24-month average of the expenses, using information from the borrower’s IRS Form 1040
including all schedules (Schedule A and IRS Form 2106) and net out any automobile
depreciation claimed on IRS Form 2106.
Consequently, when calculating the total debt-to-income ratio, the 24-month average for
‫‏‬
nonreimbursed expenses should be subtracted from the borrower’s stable monthly income,
unless such expenses are automobile lease payments or automobile loan payments, in which
case they are to be considered part of the borrower’s recurring monthly debt obligations. If
there is not a 24-month history of such expenses, the lender should develop an annualized
monthly average for the expenses and add this calculated amount to the borrower’s monthly
debt obligations.
2012 Selling Guide
Part B, Origination Through Closing
Subpart B3, Underwriting Borrowers
Chapter B3-6, Liability Assessment
B3-6-05, Monthly Debt Obligations (05/24/2011)
Title: B3-6-05, Monthly Debt Obligations (05/24/2011) Copy To Clipboard Document ID: 900c5f08-5ce1-4919-9db6-4303b8658cf0 Copy To Clipboard Document Name:
003707958@partb_origthruclosing!b3_underwriteborrowers!b3_6_liabilityassess!b1_b0134 Copy To ClipboardClose
SEB-Form 91 27

29. Income Analysis Form 91
3.Schedule C- Sole Proprietorship 2011
Net Profit or Loss (+) 0
Nonrecurring Other (Income) (-) 0
Depletion (+) 0
Depreciation (+) 0
Meals & Entertainment Exclusion (-) 0
Amortization/Casualty Loss (+) 0
Business Use of Home (+) 0
SEB-Form 91

30. Schedule C Sole Proprietor
Page 7
SEB-Form 91

31. SEB-Form 91

32. Income Analysis Form 91
3.Schedule C- Sole Proprietorship 2011
Net Profit or Loss (+)24,040
Nonrecurring Other (Income) (-) 0
Depletion (+) 0
Depreciation (+) 0
Meals & Entertainment Exclusion (-) 0
Amortization/Casualty Loss (+) 0
Business Use of Home (+) 0
SEB-Form 91

33. Schedule C Sole Proprietor
Is “Other Income” Regular & Reoccurring?
Is a Gas or Fuel Credit?
Page 7
SEB-Form 91

34. Income Analysis Form 91
3.Schedule C- Sole Proprietorship 2011
Net Profit or Loss (+)24,040
Nonrecurring Other (Income) (-) 2,876
Depletion (+) 0
Depreciation (+) 0
Meals & Entertainment Exclusion (-) 0
Amortization/Casualty Loss (+) 0
Business Use of Home (+) 0
SEB-Form 91

35. Schedule C Sole Proprietor Part II
Page 7
SEB-Form 91

36. Income Analysis Form 91
3.Schedule C- Sole Proprietorship 2011
Net Profit or Loss (+)24,040
Nonrecurring Other (Income) (-) 2,876
Depletion (+) 0
Depreciation (+) 0
Meals & Entertainment Exclusion (-) 0
Amortization/Casualty Loss (+) 0
Business Use of Home (+) 0
SEB-Form 91

37. Schedule C Sole Proprietor Part II
4562 or page 2 part IV of
Schedule C
Start with what is on line 13
first, if no ratio issue…move on!
Page 7
SEB-Form 91

38. Schedule C page 2
Business miles from 44a (13,863) x .22 cents (depreciation factor)
= $3,049 in depreciation!
Page 8
SEB-Form 91

39. Form 4562 page 1
Page 19
SEB-Form 91

40. Form 4562 page 2
Business miles from line 13 (13,863) x .22 cents (depreciation
factor) = $3,049 in depreciation!
Page 20
SEB-Form 91

41. Schedule C Sole Proprietor Part II
4562 or page 2
3,049
4,877 + $3,049 = $7,926 Total Depreciation
Page 7
SEB-Form 91

42. Car & Truck Expense Worksheet
Shows the Interest included in
the Total reported on Line #9 on
Sch. C.
This worksheet will not be included in the “Client Copy” but can be retrieved from the tax preparer
SEB-Form 91 42

43. Borrower Debt
Fannie Mae 2012 Selling Guide B3-6-05, Monthly Debt Obligations (05/24/2011)
‫‏‬
Business Debt in Borrower’s Name
‫‏‬
W hen a self-employed borrower claims that a monthly obligation that appears on his or her personal credit report is being paid
‫‏‬
by the borrower’s business, the lender must confirm that it verified that the obligation was actually paid out of company funds
and that this was considered in its cash flow analysis of the borrower’s business.
The account payment does not need to be considered as part of the borrower’s individual recurring monthly debt obligations if:
‫‏‬
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.
‫‏‬
The account payment does need to be considered as part of the borrower’s individual recurring monthly debt obligations in any
‫‏‬
of the following situations:
If the business does not provide sufficient evidence that the obligation was paid out of company funds.
‫‏‬
If the business provides acceptable evidence of its payment of the obligation, but the lender’s cash flow analysis of the
‫‏‬
business does not reflect any business expense related to the obligation (such as an interest expense—and taxes and
insurance, if applicable—equal to or greater than the amount of interest that one would reasonably expect to see given the
amount of financing shown on the credit report and the age of the loan). It is reasonable to assume that the obligation has not
been accounted for in the cash flow analysis.
If the account in question has a history of delinquency. To ensure that the obligation is counted only once, the lender should
‫‏‬
adjust the net income of the business by the amount of interest, taxes, or insurance expense, if any, that relates to the account
in question.
SEB-Form 91 43

44. Income Analysis Form 91
3.Schedule C- Sole Proprietorship 2011
Net Profit or Loss (+)24,040
Nonrecurring Other (Income) (-) 2,876
Depletion (+) 0
Depreciation (+) 7,926
Meals & Entertainment Exclusion (-) 0
Amortization/Casualty Loss (+) 0
Business Use of Home (+) 0
SEB-Form 91

45. Schedule C Sole Proprietor Part II
Page 7
SEB-Form 91

46. Income Analysis Form 91
3.Schedule C- Sole Proprietorship 2011
Net Profit or Loss (+)24,040
Nonrecurring Other (Income) (-) 2,876
Depletion (+) 0
Depreciation (+) 7,926
Meals & Entertainment Exclusion (-) 3,050
Amortization/Casualty Loss (+) 0
Business Use of Home (+) 0
SEB-Form 91

47. Schedule C
Part V Casualty Losses & Amortization are added back to qualifying income!
Page 8
SEB-Form 91

48. Income Analysis Form 91
3.Schedule C- Sole Proprietorship 2011
Net Profit or Loss (+)24,040
Nonrecurring Other (Income) (-) 2,876
Depletion (+) 0
Depreciation (+) 7,926
Meals & Entertainment Exclusion (-) 3,050
Amortization/Casualty Loss (+) 1,471
Business Use of Home (+) 0
SEB-Form 91

49. Schedule C Sole Proprietor Part II
Page 7
SEB-Form 91

50. 8829 Business Use of Home
Page 17
As the percentage of usage increases a more critical look at the collateral is required. Additional home owners
insurance coverage may also be required. If the transaction is a purchase for a new primary residence will the
Gross Sales of the business be impacted on the relocation of the business?
SEB-Form 91

51. 8829 Business Use of Home
Line #14 Casualty Losses, Interest and Real Estate Taxes may be added back to
qualifying income!
Page 17
SEB-Form 91

52. 8829 Business Use of Home
Line #41 Depreciation may be added back to qualifying income!
$2,825 + N/A= $2,825 your underwriter may only allow this amount to be added
back.
Page 17
SEB-Form 91

53. Income Analysis Form 91
3.Schedule C- Sole Proprietorship 2011
Net Profit or Loss (+)24,040
Nonrecurring Other (Income) (-) 2,876
Depletion (+) 0
Depreciation (+) 7,926
Meals & Entertainment Exclusion (-) 3,050
Amortization/Casualty Loss (+) 1,471 $30,336
Business Use of Home (+) 2,825
SEB-Form 91

54. Income Analysis Form 91
2011
4. Schedule D- Capital Gains & Losses
Recurring Capital Gains
(Loss) (+) 0
5. Form 4797- Sales of Business Property (+/-) 0
6. Form 6252- Installment Sale Income
Principal Payments Received (+) 0
Line 6
SEB-Form 91

55. Schedule D
You have already negated the -$3,000 from the front page of the 1040.
Page 9
SEB-Form 91

56. Schedule D
$3,000 is the maximum allowable write-off if married filing a joint return. Next
year the remaining $56101 will carry over.
Does losing money on an investment and writing that loss off on paper impact
the borrower’s cash flow? Does it impact their ability to make a mortgage
payment?
Page 10
SEB-Form 91

57. #6252 Installment Sale Schedule D
Taxable Income $_______
#4797 Sales Business Property
4797 may report onto
Sch.D or directly to 1040!
1040
Line 13 Capital Gain/Loss
Sch.D $_________
Line 14 OtherGain/Loss #4797
$_________
SEB-Form 91

58. Form 4797
No Example in Case Study
SEB-Form 91

59. Form 6252
No Example in Case Study
SEB-Form 91

60. Income Analysis Form 91
2011
4. Schedule D- Capital Gains & Losses
5. Form 4797- Sales of Business Property (+/-) 0
6. Form 6252- Installment Sale Income
Principal Payments Received (+) 0
SEB-Form 91

61. Income Analysis Form 91
7.Schedule E- Supplemental Income & Loss
2011
Gross Rents & Royalties (+) 0
Total Expenses (-) 0
Amort/Cas Loss/Nonrec Loss, Depr (+) 0
Insurance, Mtg Interest, RE Taxes (+) 0
Line7
SEB-Form 91

62. Schedule E- Rental
Page 12
SEB-Form 91

63. Income Analysis Form 91
7.Schedule E- Supplemental Income & Loss
2011
Gross Rents & Royalties (+) 18,600
Total Expenses (-) 0
Amort/Cas Loss/Nonrec Loss, Depr (+) 0
Insurance, Mtg Interest, RE Taxes (+) 0
Line7
SEB-Form 91

64. Schedule E- Rental
Page 12
SEB-Form 91

65. Income Analysis Form 91
7.Schedule E- Supplemental Income & Loss
2011
Gross Rents & Royalties (+) 18,600
Total Expenses (-) 27,454
Amort/Cas Loss/Nonrec Loss, Depr (+) 0
Insurance, Mtg Interest, RE Taxes (+) 0
Line7
SEB-Form 91

66. Schedule E- Rental
Page 12
SEB-Form 91

67. Income Analysis Form 91
7.Schedule E- Supplemental Income & Loss
2011
Gross Rents & Royalties (+) 18,600
Total Expenses (-) 27,454
Amort/Cas Loss/Nonrec Loss, Depr (+) 11,168
Insurance ,Mtg Interest, RE Taxes (+) 0
Line7
SEB-Form 91

68. Schedule E- Rental
Page 12
SEB-Form 91

69. Income Analysis Form 91
7.Schedule E- Supplemental Income & Loss
2011
Gross Rents & Royalties (+) 18,600
Total Expenses (-) 27,454
Amort/Cas Loss/Nonrec Loss, Depr (+) 11,168
Insurance ,Mtg Interest, RE Taxes (+) 14,166
= $16,480
= $16,480 /12= $1,373 -Mtg Payment $1,679
= $305 Net Rental Loss
SEB-Form 91

70. Income Analysis Form 91
8. Schedule F- Profit or Loss from Farming 2011
Net Profit or Loss (+) 0
Non-Tax Portion Coop & CCC Payments (+) 0
Nonrecurring Other (Income) Loss (-) 0
Depreciation (+) 0
Amort/Casualty Loss/Non Loss (+) 0
Business Use of home (+) 0
Line 8
SEB-Form 91

71. Schedule F
Page 14
SEB-Form 91

72. Income Analysis Form 91
8. Schedule F- Profit or Loss from Farming 2011
Net Profit or Loss (+) 15,132
Non-Tax Portion Coop & CCC Payments (+) 0
Nonrecurring Other (Income) Loss (-) 0
Depreciation (+) 0
Amort/Casualty Loss/Non Loss (+) 0
Business Use of home (+) 0
Line 8
SEB-Form 91

73. Cash Flow Analysis 1084
3a $8,000 – 3b $4,000= $4,000 non- taxable income
$4,000 x 125% = $5,000 of Gross Income
Page 14
SEB-Form 91

74. Income Analysis Form 91
8. Schedule F- Profit or Loss from Farming 2011
Net Profit or Loss (+) 15,132
Non-Tax Portion Coop & CCC Payments (+) 5,000
Nonrecurring Other (Income) Loss (-) 0
Depreciation (+) 0
Amort/Casualty Loss/Non Loss (+) 0
Business Use of home (+) 0
Line 8
SEB-Form 91

75. Schedule F
Page 14
SEB-Form 91

76. Income Analysis Form 91
8. Schedule F- Profit or Loss from Farming 2011
Net Profit or Loss (+) 15,132
Non-Tax Portion Coop & CCC Payments (+) 5,000
Nonrecurring Other (Income) Loss (-) 10,000
Depreciation (+) 0
Amort/Casualty Loss/Non Loss (+) 0
Business Use of home (+) 0
Line 8
SEB-Form 91

77. Schedule F
4562
Page 14
SEB-Form 91

78. Income Analysis Form 91
8. Schedule F- Profit or Loss from Farming 2011
Net Profit or Loss (+) 15,132
Non-Tax Portion Coop & CCC Payments (+) 5,000
Nonrecurring Other (Income) Loss (-) 10,000
Depreciation (+) 0
Amort/Casualty Loss/Non Loss (+) 0
Business Use of home (+) 0
Line 8
SEB-Form 91

79. Schedule F
Page 14
SEB-Form 91

80. Income Analysis Form 91
8. Schedule F- Profit or Loss from Farming 2011
Net Profit or Loss (+) 15,132
Non-Tax Portion Coop & CCC Payments (+) 5,000
Nonrecurring Other (Income) Loss (-) 10,000
Depreciation (+) 0
Amort/Casualty Loss/Non Loss (+) 0 $10,132
Business Use of home (+) 0
Line 8
SEB-Form 91

81. 1040 Income Section
Always subtract line 20b as this is the taxable amount of social security…it’s self employed income and
should be entered on your 1003 separately. (-) 20b
Page 3
SEB-Form 91 81

82. Using Nontaxable Income
Fannie Mae 2012 Selling Guide B3-3.1-04, Using Nontaxable Income to Adjust the
‫‏‬
Borrower’s Gross Income (04/01/2009)
Using Nontaxable Income to Adjust the Borrower’s Gross Income
‫‏‬
The lender should give special consideration to regular sources of income that may be
‫‏‬
nontaxable, such as child support payments, Social Security benefits, disability
retirement payments, workers’ compensation benefits, certain types of public
assistance payments, and food stamps.
The lender must verify that the particular source of income is nontaxable.
‫‏‬
Documentation that can be used for this verification includes award letters, policy
agreements, account statements, or any other documents that address the nontaxable
status of the income.
If the income is verified to be nontaxable, and the income and its tax-exempt status are
‫‏‬
likely to continue, the lender may develop an “adjusted gross income” for the borrower
by adding an amount equivalent to 25% of the nontaxable income to the borrower’s
income.
If the actual amount of federal and state taxes that would generally be paid by a wage
‫‏‬
earner in a similar tax bracket is more than 25% of the borrower’s nontaxable income,
the lender may use that amount to develop the adjusted gross income, which should be
used in calculating the borrower’s qualifying ratio.
SEB-Form 91 82

83. 1040 Income Section
Like all non-SEB income if you document the income source is regular & recurring with a probable
future it may be added to the income screen.
In this example the applicant has received $8,891 in benefits and $7,557 of it was taxable as indicated in
(20b) this indicates that only the difference of 20a and 20b is tax free.
$8,891
-$7,557 $7,557
=$1,334 tax exempt =$1,334 x 125%= $1,667
$9,224 total income
Page 3
SEB-Form 91 83

84. Freddie Mac Form 90 Verbal Verification of
Employment
Freddie Mac Verbal Verification of
‫‏‬
Employment
– As per Freddie Mac Bulletin 2009-18
sellers are required to verbally verify
employment for certain borrowers
using Form 90 or a similar form
– Be sure if using a different form, it
captures the required information as
per the Freddie Mac Seller
– As per Freddie Mac Bulletin 09-27
sellers are required to obtain the
Verbal VOE not more than 10
Business days prior to the Note Date
rather than 10 calendar days
http://freddiemac.com/learn/qr.html
SEB-Form 91 SEB-
84
Form 91

85. 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.
‫‏‬
©2012 Genworth Financial, Inc. All rights reserved. 85