Enact Holdings, Inc. · NASDAQ:ACT
Enact — Investor Presentation (January 2021)
32 slides from Enact's investor presentation, January 2021
Slide 1: Introduction to the TILA-RESPA Integrated Disclosure (TRID)
Introduction to the TILA-RESPA Integrated Disclosure (TRID) The “Know” Before You “Owe” Forms January 2021 Customer Education Brought to you by: Genworth Customer Development and Process Consulting NOTICE: This document contains confidential, non-public company information. Further distribution of t
Slide 2: Agenda
Agenda In Today’s Session We Will Cover the Disclosure Story – The Who and Why • Consumer Financial Protection Bureau (CFPB) – The Enforcer • Consumer Financial Protection Bureau (CFPB) – When • Timeline – The Disclosures • LE (Loan Estimate) • CD (Closing Disclosure) – CFPB References – Genworth Re
Slide 3: CFPB: The Who, Why and the Enforcer
CFPB The Who, Why and the Enforcer TILA-RESPA Integrated Disclosure 2
Slide 4: The Who and Why – CFPB
The Who and Why – CFPB The Consumer Financial Protection Bureau (CFPB), created with the passage of the Dodd-Frank Act, is the principal federal agency responsible for enforcement of RESPA laws and regulations* − State attorney generals, state insurance commissioners and other state agencies also ha
Slide 5: The Who and Why – CFPB
The Who and Why – CFPB Functions: – Oversees rule-making for federal consumer financial protection laws – Supervises large banks and most non-banks for compliance with federal consumer financial laws – Restricts unfair, deceptive, or abusive acts or practices – Enforces federal consumer financial pr
Slide 6: Implementation Timeline
Implementation Timeline The When TILA-RESPA Integrated Disclosure 5
Slide 7: RESPA-TILA Mortgage Disclosure Forms
RESPA-TILA Mortgage Disclosure Forms Loan Estimate(LE) & Closing Good Faith Estimate (GFE), Truth Disclosure (CD) In Lending (TIL) & – These current disclosures were HUD 1 implemented on October 3rd, 2015 – These disclosures were previously and are used on: used on all Real Estate based loans • Most
Slide 8: Loan Estimate (LE) and Closing Disclosure (CD)
Loan Estimate (LE) and Closing Disclosure (CD) The Disclosures TILA-RESPA Integrated Disclosure 7
Slide 9: Disclosure Forms
Disclosure Forms The Loan Estimate (Initial Consumer Disclosure) – The Loan Estimate tells the borrower important details about the loan they have requested – The LE includes important information including: • Estimated interest rate • Monthly payment • Closing costs • How the interest rate will cha
Slide 10: The Loan Estimate (LE)
The Loan Estimate (LE) http://files.consumerfinance.gov/f/201207_cfpb_loan-estimate.pdf TILA-RESPA Integrated Disclosure 9
Slide 11: Integrated Disclosure Guide
Integrated Disclosure Guide TILA-RESPA Integrated Disclosure 10
Slide 12: Disclosure Forms
Disclosure Forms The Closing Disclosure (Second Form) – A Closing Disclosure is a five-page form that provides final details about the mortgage loan to the borrower. It includes the loan terms, projected monthly payments, and how much the borrower will pay in fees and other costs to get the mortgage
Slide 13: The Closing Disclosure
The Closing Disclosure http://files.consumerfinance.gov/f/201207_cfpb_closing- disclosure.pdf TILA-RESPA Integrated Disclosure 12
Slide 14: Annotated Integrated forms
Annotated Integrated forms TILA-RESPA Integrated Disclosure 13
Slide 15: Timing of Disclosure
Timing of Disclosure Loan Estimate (LE) – “Application” trigger – Three business days after application – Seven business days prior to consummation – Waiver of waiting period permitted in bona fide financial emergencies • Written statement from the consumer • No printed forms – Re-disclose within th
Slide 16: What "Will Be" An Application?
What “Will Be” An Application? New definition of an “Application” – Defined by six elements: • Borrower Name • Property Address • Income • Estimated Property Value • Social Security Number • Mortgage Loan Amount Current Reg X Defines An Application As Consisting Of 7 Elements Including A “Catch All”
Slide 17: Variations
Variations Variations in fees from the LE to the CD – “Zero Bucket” – certain Lender itemized fees may not increase by any dollar amount – 10% Bucket – certain 3rd Party itemized fees when sub-totaled must be within 10% – “No tolerance bucket” – certain itemized fees must have been given in Good Fai
Slide 18: Timing of Disclosure
Timing of Disclosure Closing Disclosure (CD) – Consumer must receive three business days before consummation – Seller must receive no later than day of consummation TILA-RESPA Integrated Disclosure 17
Slide 19: Mailbox Rule
Mailbox Rule Mailbox Rule – If a disclosure is mailed (USPS) it is deemed received by the consumer on the 3rd business day. The same applies if the disclosure was emailed. Under the rule, the consumer’s e-mail inbox is considered equivalent to a regular mailbox. – Other delivery options may be avail
Slide 20: What is a Business Day
What is a Business Day For purposes of providing the LE, or any revised LE, a business day is a day which the creditor’s office is open to the public for carrying out substantially all of its business functions. – Typically Monday through Friday excluding legal public holidays For all other purposes
Slide 21: CFPB References and website
www.consumerfinance.gov CFPB References and website TILA-RESPA Integrated Disclosure 20
Slide 22: CFPB – Consumer Page
CFPB – Consumer Page http://www.consumerfinance.gov/owning-a-home TILA-RESPA Integrated Disclosure 21
Slide 23: CFPB's Loan Estimate Explainer
CFPB’s Loan Estimate Explainer https://www.consumerfinance.gov/owning-a-home/loan-estimate/ TILA-RESPA Integrated Disclosure 22
Slide 24: CFPB's Closing Disclosure Explainer
CFPB’s Closing Disclosure Explainer https://www.consumerfinance.gov/owning-a-home/closing-disclosure/ TILA-RESPA Integrated Disclosure 23
Slide 25: Genworth Underwriting Guidelines
Genworth Underwriting Guidelines
Slide 26: Genworth Rate Express®
Genworth Rate Express® AY h & 800 444.5664 | 4 | Q Genworth z=. - sere Mortgage Insurance 1EW UNDERWRITING & GUIDES | LOS & CONNECTIONS | GENWORTH TOOLKIT | TRAINING R BLOG | ABOUT US Rate Express JTIONS THAT MATTER Genworth Mortgage Insurance Rate Cards GenRATE ea YOU year! itf_,© Quote Sweepstakes
Slide 27: LOS Connections
LOS Connections XI % & 800 444.5664 | | Q Genworth =, <. | Mortgage Insurance some @ MAN. @ VIEW MI & RATES | UNDERWRITING & GUIDES LOS & CONNECTIONS | GENWORTH TOOLKIT | TRAINING OUR BLOG ABOUT US YOU-CENTRIC SOLUTIONS THAT MAT submit on Our Site Genworth Mortgage Insurance LOS Connections PPE Quot
Slide 28: Training Tools and Information
Training Tools and Information
Slide 29: Training Tools and Information
Training Tools and Information 28
Slide 30: Additional MI Site Information
Additional MI Site Information
Slide 31: Your Genworth Resources
Your Genworth Resources ActionCenter®: 800 444.5664 Your Local Genworth Regional Underwriter Your Genworth Sales Representative
Slide 32: Legal Disclaimer
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 train
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