Enact Holdings, Inc. · NASDAQ:ACT
Enact — Investor Presentation (October 2020)
29 slides from Enact's investor presentation, Oct 19, 2020
Slide 1: COVID-19 Updates: Fannie Mae LL2020-03 and LL2020-04
COVID-19 Updates: Fannie Mae LL2020-03 and LL2020-04 Updates through October 19, 2020 October 2020 Customer Education Brought to you by: Genworth Customer Development and Process Consulting ©2020 Genworth Financial, Inc. All rights reserved. 0
Slide 2: Fannie Mae COVID-19 Resources
Fannie Mae COVID-19 Resources Fannie Mae Updates, FAQs, Fannie Mae’s COVID 19 webpage https://singlefamily.fanniemae.com/ Fannie Mae LL-2020-04 and LL-2020-03 1
Slide 3: Fannie Mae COVID-19 Resources
Fannie Mae COVID-19 Resources Fannie Mae Updates, FAQs, Fannie Mae’s COVID 19 webpage https://singlefamily.fanniemae.com/originating-underwriting#selling-promo Fannie Mae LL-2020-04 and LL-2020-03 2
Slide 4: Fannie Mae COVID-19 Updates
Fannie Mae COVID-19 Updates Fannie Mae LL-2020-03 and LL-2020-04, both updated from their original issuance. https://singlefamily.fanniemae.com/media/22316/display https://singlefamily.fanniemae.com/media/22321/display Fannie Mae LL-2020-04 and LL-2020-03 3
Slide 5: Fannie Mae LL-2020-04
Fannie Mae LL-2020-04 Fannie Mae appraisal policies are effective immediately and have been extended for applications taken on or before November 30, 2020: – Temporary appraisal requirement flexibilities: Allowing exterior-only inspection appraisal or desktop appraisals for certain transactions,
Slide 6: Fannie Mae LL-2020-04
Fannie Mae LL-2020-04 Fannie Mae appraisal policies are effective immediately and have been extended for applications taken on or before November 30, 2020: – New Construction: where appraisals are “subject to completion per plans and specifications” and when properties are 100% complete but an i
Slide 7: Fannie Mae LL-2020-04
Fannie Mae LL-2020-04 Fannie Mae appraisal policies are effective immediately and have been extended for applications taken on or before November 30, 2020: – Appraisal waivers: encouraging lenders to accept waiver offers when eligible – No changes to delivery at this time – Completion report (Fo
Slide 8: Fannie Mae LL-2020-04
Fannie Mae LL-2020-04 Fannie Mae appraisal policies are effective immediately and have been extended until further notice: – HomeStyle® Renovation loans in process, allowing “Completion of Construction Certification” for draws when planned work has been completed. Additional supporting evidence,
Slide 9: Fannie Mae LL-2020-04
Fannie Mae LL-2020-04 Fannie Mae appraisal policies are effective immediately and have been extended for applications taken on or before November 30, 2020: – Condo Waiver of Project review for loans with LTV ratios greater than 80% and up to 90% for Fannie Mae-owned, limited cash-out refinance o
Slide 10: Fannie Mae LL-2020-04
Fannie Mae LL-2020-04 Fannie Mae appraisal policies are effective immediately and have been extended for applications taken on or before November 30, 2020 unless noted: – Reminder: Lenders may use other sources of condo project data to complete their project reviews, including, but not limited t
Slide 11: Fannie Mae LL-2020-04
Fannie Mae LL-2020-04 Fannie Mae appraisal policies are effective immediately and have been extended for applications taken on or before November 30, 2020 unless noted: – Virtual inspections: • Appraisers may use virtual inspection methods to augment the data and imagery that is used for either
Slide 12: Fannie Mae LL-2020-03
Fannie Mae LL-2020-03 Continuity of Income: Effective March 23, 2020 to November 30, 2020 – Verbal VOE • Lenders may obtain a written VOE confirming the borrower’s current employment status within the same timeframe as the verbal VOE requirements. • An email directly from the employer’s work email a
Slide 13: Fannie Mae LL-2020-03
Fannie Mae LL-2020-03 Effective for applications taken April 14, 2020 and until further notice: – Age of Documents • For most income and asset documents, age requirements is reduced from four months to two months or 60 days from the note date. If an asset statement is issued quarterly, lenders must
Slide 14: Fannie Mae LL-2020-03
Fannie Mae LL-2020-03 Effective for applications taken April 14, 2020 and until further notice unless noted: – Self-Employment • Lenders must confirm that the borrower’s business is open and operating within 20 business days of the note date (or after closing but prior to delivery). See LL 2020-03 f
Slide 15: Fannie Mae LL-2020-03
Fannie Mae LL-2020-03 Reminders and Suspension of Employment Validation Service – Notes, electronic records, signatures reminder • Electronic signatures are permitted under the terms of the Selling Guide but promissory notes may not be signed electronically unless the promissory note is an electroni
Slide 16: Fannie Mae LL-2020-03
Fannie Mae LL-2020-03 Sale of Loans to Fannie Mae Effective Immediately and until further notice: – Fannie Mae is suspending bulk transactions and requires that loans sold on a flow basis be no more than six months old to be eligible for sale to Fannie Mae. – The loan’s age will be based on Fannie M
Slide 17: LL-2020-03 Effective June 2, 2020 And Remains Effective Until Further Notice
Fannie Mae LL-2020-03 Effective June 2, 2020 And Remains Effective Until Further Notice Updated Policy for new Purchase and refinance transactions – Lenders must review borrower’s credit report to determine the status of all mortgage loans. In addition, lenders must apply due diligence for each mort
Slide 18: LL-2020-03 Effective June 2, 2020 And Remains Effective Until Further Notice
Fannie Mae LL-2020-03 Effective June 2, 2020 And Remains Effective Until Further Notice Fannie Mae LL-2020-04 and LL-2020-03 17
Slide 19: LL-2020-03 Effective June 11, 2020 And Remains Effective Until Further Notice
Fannie Mae LL-2020-03 Effective June 11, 2020 And Remains Effective Until Further Notice Due to the pandemic’s continuing impact on businesses throughout the country, lenders are now required to obtain the following additional documentation to support the decision that the self-employed income meets
Slide 20: LL-2020-03 Effective June 11, 2020 And Remains Effective Until Further Notice
Fannie Mae LL-2020-03 Effective June 11, 2020 And Remains Effective Until Further Notice Lenders must review the profit and loss statement, and business depository accounts, if required, and other relevant factors to determine the extent to which a business has been impacted by COVID-19. LL- 2020-03
Slide 21: Genworth Mortgage Insurance Credit Policy Announcements
Genworth Mortgage Insurance Credit Policy Announcements Genworth aligns with the GSE recent communications https://new-content.mortgageinsurance.genworth.com/documents/national/underwriting- guidelines/AnnouncementSummary.083020.pdf Fannie Mae LL-2020-04 and LL-2020-03 20
Slide 22: Genworth Underwriting Guidelines
Genworth Underwriting Guidelines Fannie Mae LL-2020-04 and LL-2020-03 21
Slide 23: Genworth Rate Express
Genworth Rate Express® Fannie Mae LL-2020-04 and LL-2020-03 22
Slide 24: LOS Connections
LOS Connections Fannie Mae LL-2020-04 and LL-2020-03 23
Slide 25: Training Tools and Information
Training Tools and Information Fannie Mae LL-2020-04 and LL-2020-03 24
Slide 26: Training Tools and Information
Training Tools and Information Fannie Mae LL-2020-04 and LL-2020-03 25
Slide 27: Additional MI Site Information
Additional MI Site Information Fannie Mae LL-2020-04 and LL-2020-03 26
Slide 28: Your Genworth Resources
Your Genworth Resources ➢ ActionCenter®: 800 444.5664 ➢ Your Local Genworth Regional Underwriter ➢ Your Genworth Sales Representative Fannie Mae LL-2020-04 and LL-2020-03 27
Slide 29: 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
Enact Holdings — Investor Presentation (October 2020) on 6ix