Illustration Guide - Repsource - Manulife Financial

More documents

Recommendations

Info

Summary Summary We have reviewed the Manulife one Illustration System through a case study approach, but you have additional training resources available to you: • Each screen has help available; to access it, click the in the upper right corner of the input screen. • Details about the product can be found in your Advisor Guide and through the Training Modules on Repsource. • Your regional office can offer you support. Feedback We welcome your feedback. Please send your comments to your regional office management team or to: Wealth Management Team Head Office D/S 203G, Waterloo. Manulife one Illustration Guide 34 December, 2000
Appendix Credit policy Introduction Manulife one is subject to Manulife Financial's credit policy. You will encounter the basics of this policy when you complete the one Account – Pre-Qualifier screen. This appendix explains some of the rules underlying the Pre-Qualifier. Rules underlying the Pre-Qualifier The Pre-Qualifier examines three key areas: • Income & Financial: Can the clients reasonably afford the Manulife one required payments? • Credit History: Do the clients have a history of credit trouble? • Property: Does the property have any characteristics that might make it difficult to sell in a forced-sale situation? Income & financial This area establishes two key underwriting criteria: • Does the Manulife one account balance requested fall within the borrowing limits available based on the market value of the property? The borrowing limit is set when you enter the required information around Manulife one General Assumptions on the Client Information tab. • Can the clients reasonably service their total debt payments? To determine this, the system uses the following formula: Manulife one minimum required monthly payment on the one Borrowing Limit + Current Monthly Property Taxes + Monthly payments on any debts that will be maintained outside the Manulife one account + Monthly heating costs/condo fees = Debt service requirement If the debt service requirement exceeds 40% of the clients' gross income, they will be considered a poor risk (unless they can demonstrate significant assets). Manulife one Illustration Guide 35 December, 2000
Page 1 and 2: Illustration Guide For use with Man
Page 3 and 4: INTRODUCTION Manulife one Manulife
Page 5 and 6: Introduction and screen information
Page 7 and 8: Setting up a new client, Continued
Page 9 and 10: The concept Introduction The illust
Page 11 and 12: The concept, Continued Client Profi
Page 13 and 14: The concept, Continued Liabilities
Page 15 and 16: The concept, Continued Liabilities
Page 17 and 18: The concept, Continued Cash flow Th
Page 19 and 20: Concept report, Continued Concept R
Page 21 and 22: The proposal Introduction Once clie
Page 23 and 24: The proposal, Continued one Account
Page 29 and 30: Proposal reports Manulife one Propo
Page 31 and 32: Proposal reports, Continued Table C
Page 33: Additional proposals, Continued Sce

Illustration Guide - Repsource - Manulife Financial

Create successful ePaper yourself

Delete template?

Save as template?