Enact Holdings, Inc. · NASDAQ:ACT
Enact — Investor Presentation (July 2020)
41 slides from Enact's investor presentation, July 2020
Slide 1: Freddie Mac Home Possible Mortgage: An Overview
Freddie Mac Home Possible Mortgage ® An Overview July 2020 Customer Education Brought to you by: Genworth Customer Development and Process Consulting NOTICE: This document contains confidential, non-public company information. Further distribution of this document is strictly prohibited. ©2019 Genwo
Slide 2: Agenda
Agenda In Today’s Session We Will Cover Freddie Mac’s Home Possible – Overview and Benefits – Website and Recent Bulletins – General Eligibility of the Program – Affordable Income and Property Eligibility tool – Homebuyer Education Requirements – Resources and Tools – Genworth Mortgage Insurance Rat
Slide 3: Home Possible Fact Sheet
Home Possible Fact Sheet https://sf.freddiemac.com/content/_assets/resources/pdf/fact-sheet/home_possible_factsheet.pdf Freddie Mac Home Possible Mortgage 2
Slide 4: Home Possible Overview and Benefits
Home Possible Overview and Benefits https://sf.freddiemac.com/content/_assets/resources/pdf/fact-sheet/sf-fm-homepossibe-mortgage-2019.pdf Freddie Mac Home Possible Mortgage 3
Slide 5: Home Possible Website
Home Possible Website https://sf.freddiemac.com/working-with-us/origination-underwriting/mortgage-products/home-possible Freddie Mac Home Possible Mortgage 4
Slide 6: Freddie Mac's Home Possible Mortgages
Freddie Mac’s Home Possible Mortgages Maximum LTV/TLTV/HTLTV ® – Underwriting Path: May be submitted to Loan Product Advisor or manually underwritten (except manufactured homes and super conforming loans) – Follow guidelines that apply based on the type of underwrite you are doing (manual or using L
Slide 7: Freddie Mac's Home Possible Mortgages: Eligible Mortgages
Freddie Mac’s Home Possible Mortgages Eligible Mortgages* https://sf.freddiemac.com/content/_assets/resources/pdf/fact-sheet/home_possible_factsheet.pdf *See Freddie Mac Seller/Servicer Guide for list of Ineligible Mortgages Freddie Mac Home Possible Mortgage 6
Slide 8: Freddie Mac's Home Possible Mortgages: Eligible Property Types
Freddie Mac’s Home Possible Mortgages Eligible Property Types https://sf.freddiemac.com/content/_assets/resources/pdf/fact-sheet/home_possible_factsheet.pdf Freddie Mac Home Possible Mortgage 7
Slide 9: Additional Requirements for 2-4 Unit Properties
Additional Requirements for 2-4 Unit Properties https://sf.freddiemac.com/content/_assets/resources/pdf/fact-sheet/home_possible_factsheet.pdf Freddie Mac Home Possible Mortgage 8
Slide 10: Freddie Mac's Home Possible Mortgages: Property Ownership
Freddie Mac’s Home Possible Mortgages Property Ownership: https://sf.freddiemac.com/content/_assets/resources/pdf/fact-sheet/home_possible_factsheet.pdf Freddie Mac Home Possible Mortgage 9
Slide 11: Freddie Mac's Home Possible Mortgages
Freddie Mac’s Home Possible Mortgages * * * *When the TLTV ratio exceeds 97% (95% for Super Conforming Mortgages) the secondary financing subordinated to a Home Possible Mortgage must be an Affordable Second. The Affordable Second financing cannot be a Home Equity Line of Credit (HELOC). https://sf.
Slide 12: Affordable Seconds Checklist
Affordable Seconds Checklist https://sf.freddiemac.com/content/_assets/resources/pdf/fact- sheets/affordable_seconds_guidelines_factsheet.pdf Freddie Mac Home Possible Mortgage 11
Slide 13: Home Possible Qualifying Ratios
Freddie Mac’s Home Possible Mortgages Home Possible Qualifying Ratios: – Loan Product Advisor calculates and evaluates the Borrower’s qualifying ratios. For Accept Mortgages and A-Minus Mortgages, Loan Product Advisor has determined that the Borrower’s qualifying ratios are acceptable. – When the Bo
Slide 14: Eligible Borrowers
Freddie Mac’s Home Possible Mortgages Eligible Borrowers – At least one borrower must occupy the mortgage premises as a primary residence – Non-occupying borrowers are permitted, provided that: • The LTV/TLTV/HTLTV does not exceed 95% for Loan Product Advisor Mortgages, except for fixed-rate Mortgag
Slide 15: Minimum Credit Score Requirements
Freddie Mac’s Home Possible Mortgages Minimum Credit Score Requirements https://sf.freddiemac.com/content/_assets/resources/pdf/fact-sheet/home_possible_factsheet.pdf Freddie Mac Home Possible Mortgage 14
Slide 16: Mortgages for Borrowers with No Credit Scores
*Mortgages for Borrowers with No Credit Scores *If none of the Borrowers have a usable Credit Score, Mortgages that are not (i) Home Possible Mortgages with LTV, TLTV or HTLTV ratios greater than 95%, or (ii) secured by Manufactured Homes, may be manually underwritten without Credit Scores provided
Slide 17: Income Limit FAQs
Income Limit FAQs https://sf.freddiemac.com/faqs/home-possible-income-limit-change-faqs Freddie Mac Home Possible Mortgage 16
Slide 18: Income and Property Eligibility
Income and Property Eligibility Loan Product Advisor® and the Home Possible Income & Property Eligibility tool was updated on July 12, 2020 with the new 2020 area median income (AMI) limits recently issued by the Federal Housing Finance Agency (FHFA). https://sf.freddiemac.com/working-with-us/afford
Slide 19: Additional Special Underwriting Requirements
Freddie Mac’s Home Possible Mortgages Additional Special Underwriting Requirements https://sf.freddiemac.com/content/_assets/resources/pdf/fact-sheet/home_possible_factsheet.pdf Freddie Mac Home Possible Mortgage 18
Slide 20: Loan Product Advisor Entry
Freddie Mac’s Home Possible Mortgages Loan Product Advisor Entry: Use Offering Identifier Code “241” or Select Home Possible in your LOS Freddie Mac Home Possible Mortgage 19
Slide 21: Mortgage Insurance Requirements
Mortgage Insurance Requirements Reduced MI coverage required for 95% and 97% LTV loans - 25% coverage required https://sf.freddiemac.com/content/_assets/resources/pdf/fact-sheet/home_possible_factsheet.pdf Freddie Mac Home Possible Mortgage 20
Slide 22: Freddie Mac Credit Fees in Price
Freddie Mac Credit Fees in Price https://guide.freddiemac.com/ci/okcsFattach/get/1001717_5 Freddie Mac Home Possible Mortgage 21
Slide 23: Freddie Mac Selling Guide
Freddie Mac Selling Guide https://guide.freddiemac.com/app/guide/find/home%20possible Freddie Mac Home Possible Mortgage 22
Slide 24: Home Possible Education Requirements
Home Possible Education Requirements https://sf.freddiemac.com/content/_assets/resources/pdf/fact-sheet/home_possible_factsheet.pdf Freddie Mac Home Possible Mortgage 23
Slide 25: Home Possible Education Requirements: Purchase Transaction
Home Possible Education Requirements Homebuyer Education Purchase Transaction – When all occupying borrowers are **First-Time Homebuyers, at least one occupying Borrower must participate in a homeownership education program before the Note Date, or the Effective Date of Permanent Financing for Const
Slide 26: Home Possible Education Requirements: Purchase Transaction
Home Possible Education Requirements Homebuyer Education Purchase Transaction – Programs developed by HUD-approved counseling agencies, Housing Finance Agencies (HFAs) or Community Development Financial Institutions (CDFIs) – Homeownership education programs that meet the standards of the National I
Slide 27: CreditSmart overview
https://sf.freddiemac.com/working-with-us/creditsmart/overview Freddie Mac Home Possible Mortgage 26
Slide 28: Landlord Education
Home Possible Education Requirements Landlord education (2- to 4-unit Primary Residences) – Purchase Transactions - At least one qualifying Borrower must participate in a landlord education program before the Note Date, or the Effective Date of Permanent Financing for Construction Conversion and Ren
Slide 29: mi.genworth.com
https://mi.genworth.com Freddie Mac Home Possible Mortgage 28
Slide 30: mi.genworth.com
https://mi.genworth.com Freddie Mac Home Possible Mortgage 29
Slide 31: Freddie Mac Mortgage Insurance Coverages
Freddie Mac Mortgage Insurance Coverages Standard Home Possible 95% LTV- 30% Coverage 95% LTV- 25% Coverage – $160. monthly MI – $145.00 monthly MI *95.01-97% LTV- 35% Coverage 95.01-97% LTV- 25% Coverage – $201.67 monthly MI – $163.33 monthly MI For a loan with two borrowers, 97% factor is .84% In
Slide 32: Home Possible Marketing Materials
Home Possible Marketing Materials https://sf.freddiemac.com/general/home-possible-marketing-materials Freddie Mac Home Possible Mortgage 32
Slide 33: Home Possible FAQs
Home Possible FAQs https://sf.freddiemac.com/faqs/frequently-asked-questions-home-possible-mortgages Freddie Mac Home Possible Mortgage 34
Slide 34: Genworth Underwriting Guidelines
Genworth Underwriting Guidelines
Slide 35: Genworth Rate Express
Genworth Rate Express® &, 800 444.5664 a|Q Genwort a, Mortgage Insurance UNDERWRITING & GUIDES | LOS & CONNECTIONS | GENWORTH TOOLKIT | TRAINING OUR BLOG | ABOUT US Rate Express ITIONS THAT MATTER Genworth Mortgage Insurance Rate Cards GenRATE ga YOU year! Master Policy Quote Sweepstakes Resources a
Slide 36: LOS Connections
LOS Connections &, 800 444.5664 a|Q Genwort a, Mortgage Insurance MI & RATES | UNDERWRITING & GUIDES LOS & CONNECTIONS | GENWORTH TOOLKIT TRAINING YOU-CENTRIC SOLUTIONS THAT MAT submit on Our Site LOS Connections PPE Quotes & Doc Delivery Application Forms _ Rate Quote Sweepstakes We're celebrating
Slide 37: Training Tools and Information
Training Tools and Information
Slide 38: Training Tools and Information
Training Tools and Information 39
Slide 39: Additional MI Site Information
Additional MI Site Information
Slide 40: Your Genworth Resources
Your Genworth Resources ➢ ActionCenter®: 800 444.5664 ➢ Your Local Genworth Regional Underwriter ➢ Your Genworth Sales Representative
Slide 41: 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