Enact Holdings, Inc. · NASDAQ:ACT
Enact — Q2 2019 Earnings Presentation
55 slides from Enact's earnings presentation, 2019
Slide 1: Quarterly Agency Updates and Communications
Quarterly Agency Updates and Communications 2nd Quarter 2019 Genworth Mortgage Insurance Corporation ©2019 Genworth Financial, Inc. All rights reserved.
Slide 2: Agenda
Agenda Fannie Mae – Notification Center – Lender Announcements and Letters – Program Updates Freddie Mac – Subscription Center – Lender Bulletins and Letters – Product Updates This presentation may not include all Agency communications. Agency Updates 2nd Quarter 2019 2
Slide 3: www.fanniemae.com
www.fanniemae.com Agency Updates 2nd Quarter 2019 3
Slide 4: www.fanniemae.com
www.fanniemae.com Agency Updates 2nd Quarter 2019 4
Slide 5: Fannie Mae Website- Single Family
Fannie Mae Website- Single Family https://www.fanniemae.com/singlefamily Agency Updates 2nd Quarter 2019 5
Slide 6: Fannie Mae Single Family News
https://www.fanniemae.com/singlefamily/news Agency Updates 2nd Quarter 2019 6
Slide 7: Quarterly Milestones
Quarterly Milestones Quarterly Milestones Agency Updates 2nd Quarter 2019 7
Slide 8: Fannie Mae Communications
Fannie Mae Communications Announcements, Lender Letters, Release Notes… Agency Updates 2nd Quarter 2019 8
Slide 9: The New URLA
The New URLA Agency Updates 2nd Quarter 2019 9
Slide 10: Lender Letter LL 2019-06
Lender Letter LL 2019-06 Lender Letter-2019-06 During the weekend of July 20th Fannie Mae will update DU implementing changes. HomeReady income eligibility will be limited to 80% AMI in ALL areas including low income. DU Eligibility Assessment will also be updated the weekend of July 20th
Slide 11: Announcement 2019-05
Announcement 2019-05 Selling Guide Update • Updated Cash Flow Analysis Form 1084 due to Tax Reform Policy • Title Insurer Rating Requirements • Signature Requirement for Initial Uniform Residential Loan Application (URLA) (Form 1003) has been removed unless closing with a POA • Purcha
Slide 12: Lender Letter LL 2019-05
Lender Letter LL 2019-05 https://www.fanniemae.com/content/announcement/ll1905.pdf Agency Updates 2nd Quarter 2019 12
Slide 13: Announcement 2019-04
Announcement 2019-04 Selling Guide Updates Occupancy Types: updated to align with the recent changes announced in Lender Letter LL-2019-04, Loan Level Price Adjustments for Second Homes. Properties Affected by a Disaster: Minor edits were made to align with the DU 10.3 Debt-to-Income Ratio
Slide 14: LL 2019-04
LL 2019-04 https://www.fanniemae.com/content/pricing/llpa-matrix.pdf Agency Updates 2nd Quarter 2019 14
Slide 15: Announcement 2019-03
Announcement 2019-03 Selling Guide Updates HomeReady® Mortgage Loans (Lenders can implement now but must by 6/15/19) – Updates to multiple financed properties, boarder income, and MI coverage for HomeReady combined with Homestyle Renovation Self-Report Process (moving from email to loan
Slide 16: UCD Seller Data Mandate
UCD Seller Data Mandate UCD Seller Data Mandate Reminder Agency Updates 2nd Quarter 2019 16
Slide 17: HPSI- June
HPSI- June HSPI June Agency Updates 2nd Quarter 2019 17
Slide 18: HPSI- May
HPSI- May HPSI May Agency Updates 2nd Quarter 2019 18
Slide 19: HPSI – April
HPSI – April HPSI April Agency Updates 2nd Quarter 2019 19
Slide 20: Economic and Strategic Research- June
Economic and Strategic Research- June https://www.fanniemae.com/portal/media/corporate-news/2019/economic-housing-outlook-061719- 6885.html Agency Updates 2nd Quarter 2019 20
Slide 21: Economic and Strategic Research- May
Economic and Strategic Research- May https://www.fanniemae.com/portal/media/corporate-news/2019/economic-housing-outlook-051619- 6871.html Agency Updates 2nd Quarter 2019 21
Slide 22: Economic and Strategic Research – April
Economic and Strategic Research – April https://www.fanniemae.com/portal/research-insights/perspectives/mortgage-lenders-new- technologies-042219.html Agency Updates 2nd Quarter 2019 22
Slide 23: Freddie Mac Updates
Freddie Mac Updates Freddie Mac’s Website – Link to www.freddiemac.com – Subscription Center – Learning Center – http://www.freddiemac.com/loanadvisorsuite/ – Single Family News – Pending Loan Product Advisor® Enhancements Agency Updates 2nd Quarter 2019 23
Slide 24: www.freddiemac.com
www.freddiemac.com https://sf.freddiemac.com/about/single-family/subscription-center Agency Updates 2nd Quarter 2019 24
Slide 25: Freddie Mac Communications
Freddie Mac Communications Bulletins Agency Updates 2nd Quarter 2019 25
Slide 26: Bulletin 2019-16
Bulletin 2019-16 Home Possible Mortgages Changes to income limits including revised borrower income limit, 2019 AMI limits, LPA impacts Updates to requirements for rental income Extension of effective date for previously revised requirements limiting financed properties owned Income
Slide 27: Bulletin 2019-16
Bulletin 2019-16 Properties located in Eligible Disaster Areas Simplification to the age of documentation requirements for disasters Calculation of monthly housing expense Updates requirements for including real estate taxes in monthly housing expense Environmental hazard disclosure
Slide 28: Upcoming Changes - June 2019
Upcoming Changes - June 2019 https://sf.freddiemac.com/content/_assets/resources/pdf/fact-sheet/upcoming_requirement_changes.pdf Agency Updates 2nd Quarter 2019 28
Slide 29: Bulletin 2019-15
Bulletin 2019-15 • On July 28, Loan Product Advisor and the Home Possible Income & Property Eligibility tool will be updated to reflect Borrower income limits of 80% of the AMI as well as the 2019 AMI limits • The policy applies for loans, including those in low-income census tracts Agency Updat
Slide 30: Bulletin 2019-12
Bulletin 2019-12 • Removal of requirement to perform a final interior inspection for deed-in-lieu properties • EDR Code updates • Updates to subsequent transfers of servicer requirements for mortgage registered with MERS • Clarification of escrow requirements • Removal of the requirements for pa
Slide 31: Bulletin 2019-11
Bulletin 2019-11 Condominium project requirements: – Ineligible condominium projects – Condominium project reviews • Reciprocal Review PERS & HRAP – Streamline Review 75/75/90% Primary, 70/70/75% Second & Investment homes – Condominium projects with commercial parking facilities • May exclude co
Slide 32: Bulletin 2019-11
Bulletin 2019-11 Credit underwriting and mortgage eligibility requirements: – Revisions to recovery period requirements for borrowers with a discharged Chapter 12 bankruptcy to be the same as Chapter 13 (24 months) – To expand Mortgage eligibility for Manufactured Homes, we are allowing Mortgage
Slide 33: Bulletin 2019-11
Bulletin 2019-11 Continued- • Private flood insurance requirements – updates to clarify acceptance of private flood insurance • Addition of the demographic information addendum to Form 65, Uniform Residential Loan Application. • Addition of eMortgage requirements to the Guide. BUL 2019-11 Agency
Slide 34: Bulletin 2019-10
Bulletin 2019- 10 Due to the anticipated discontinuance of the publication of the LIBOR index in 2021, Freddie will no longer purchase LIBOR ARMs with Settlement Dates more than six months after the Note Date. This change is effective immediately and is being implemented in consultation with the
Slide 35: Bulletin 2019-9
Bulletin 2019- 9 Selling Updates • Property eligibility and appraisal requirements • Property with Accessory Units no longer require a comp with accessory unit • Appraisal re-use without an update if within 120 days of refinance • Allowing Modification construction conversion documentation for M
Slide 36: Bulletin 2019-7
Bulletin 2019- 7 Selling Updates • Home Possible® Mortgages • Occupying borrower can only own 2 financed properties including the subject • Assets as a basis for repayment of obligations- Seller to divide the net eligible assets by 240 instead of 360 to determine the amount used to establish the
Slide 37: Bulletin 2019-7
Bulletin 2019- 7 Selling Updates • Income documentation requirements • Clarifying for certain types if the document is current it meets the receipt and income type for documentation purposes. Separate verification of current receipt of income is not required if the documentation obtained to supp
Slide 38: Bulletin 2019-7
Bulletin 2019- 7 Selling Updates • Home Possible® Mortgages • Occupying borrower can only own 2 financed properties including the subject • Assets as a basis for repayment of obligations- seller can use 240 months instead of 360 months. • Second home mortgages • Allows for homes at are not acces
Slide 39: Freddie Mac Communications
Freddie Mac Communications Tools Agency Updates 2nd Quarter 2019 39
Slide 40: Loan Product Advisor Documentation Matrix
Loan Product Advisor Documentation Matrix http://www.freddiemac.com/learn/pdfs/uw/docmatrix.pdf Agency Updates 2nd Quarter 2019 40
Slide 41: Loan Product Advisor Documentation Matrix
Loan Product Advisor Documentation Matrix Tool to help document files https://sf.freddiemac.com/content/_assets/resources/pdf/update/docmatrix.pdf Agency Updates 2nd Quarter 2019 41
Slide 42: GreenChoice Mortgages
GreenChoice Mortgages https://sf.freddiemac.com/content/_assets/resources/pdf/other/greenchoice_mortgages.pdf Agency Updates 2nd Quarter 2019 42
Slide 43: An Enhanced Single-Family Guide and Website
An Enhanced Single-Family Guide and Website https://www.youtube.com/watch?v=tKp1W7PWbzA Agency Updates 2nd Quarter 2019 43
Slide 44: Community Lender News
Community Lender News Community Lender News Agency Updates 2nd Quarter 2019 44
Slide 45: Choice Products
Choice Products CHOICEHome GreenCHOICE Agency Updates 2nd Quarter 2019 45
Slide 46: Community Lender News
Community Lender News Community Lender News Agency Updates 2nd Quarter 2019 46
Slide 47: Help the Borrowers of the Future
Help the Borrowers of the Future https://www.borrowerofthefuture.com/insights/videos/mortgage-tech- innovation?utm_source=eloqua&utm_medium=email&utm_campaign=2019-04-11_CLN_NEWSLTTR_ Agency Updates 2nd Quarter 2019 47
Slide 48: Genworth Underwriting Guidelines
Genworth Underwriting Guidelines Agency Updates 2nd Quarter 2019 48
Slide 49: Genworth Rate Express®
Genworth Rate Express® Agency Updates 2nd Quarter 2019 49
Slide 50: LOS Connections
LOS Connections Agency Updates 2nd Quarter 2019 50
Slide 51: Training Tools and Information
Training Tools and Information Agency Updates 2nd Quarter 2019 51
Slide 52: Training Tools and Information
Training Tools and Information Agency Updates 2nd Quarter 2019 52
Slide 53: Additional MI Site Information
Additional MI Site Information Agency Updates 2nd Quarter 2019 53
Slide 54: Your Genworth Resources
Your Genworth Resources ActionCenter®: 800 444.5664 Your Local Genworth Regional Underwriter Your Genworth Sales Representative Agency Updates 2nd Quarter 2019 54
Slide 55: 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