Enact Holdings, Inc. · NASDAQ:ACT
Enact — Investor Presentation (May 2020)
60 slides from Enact's investor presentation, May 28, 2020
Slide 1: Freddie Mac COVID 19 Updates
Freddie Mac COVID 19 Updates Updates through May 28, 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 Genwor
Slide 2: Freddie Mac website and subscription center
www.freddiemac.com https://sf.freddiemac.com/about/single-family/subscription-center Freddie Mac COVID 19 Updates 1
Slide 3: Freddie Mac COVID-19 resource link
https://sf.freddiemac.com/about/covid19 Freddie Mac COVID 19 Updates 2
Slide 4: Bulletin 2020-14: Extension of temporary changes
Bulletin 2020-14 EXTENSION OF TEMPORARY CHANGES FROM PREVIOUS BULLETINS We are extending the temporary requirements and flexibilities that were effective for Mortgages with Application Received Dates through May 17, 2020 to Mortgages with Application Received Dates through June 30, 2020 for the foll
Slide 5: Bulletin 2020-5
Bulletin 2020-5 Guidance Related to Covid-19 https://guide.freddiemac.com/app/guide/content/a_id/1003723 Freddie Mac COVID 19 Updates 4
Slide 6: Bulletin 2020-5: Employed income verification
Bulletin 2020-5 The temporary flexibilities are effective immediately for all Mortgages in process and remain in place for Mortgages with Applications Received on or before June 30, 2020. Credit Underwriting: – Employed Income – 10-day pre-closing verification (PCV), Sellers may obtain one of the fo
Slide 7: Bulletin 2020-5: Continuance of income
Bulletin 2020-5 The temporary flexibilities are effective immediately for all Mortgages in process and remain in place for Mortgages with Applications Received on or before May 17, 2020 to Mortgages with Application Received Dates through June 30, 2020. Credit Underwriting: – Continuance of Income •
Slide 8: Bulletin 2020-5: Appraisal flexibilities
Bulletin 2020-5 The temporary flexibilities are effective immediately for all Mortgages in process and remain in place for Mortgages with Applications Received on or before June 30, 2020. Appraisal Flexibilities Include: – Temporary appraisal requirement flexibilities: Allowing exterior-only
Slide 9: Bulletin 2020-5: Appraisal flexibilities continued
Bulletin 2020-5 The temporary flexibilities are effective immediately for all Mortgages in process and remain in place for Mortgages Applications Received on or before May 17, 2020 to Mortgages with Application Received Dates through June 30, 2020 Appraisal Flexibilities Include: – Appraisal
Slide 10: Bulletin 2020-5: Appraisal flexibilities table
Bulletin 2020-5 The temporary flexibilities are effective immediately for all Mortgages in process and remain in place for Mortgages with Applications Received on or before June 30, 2020. Appraisal Flexibilities: Freddie Mac COVID 19 Updates 9
Slide 11: Bulletin 2020-8
Bulletin 2020-8 Guidance Related to Covid-19 https://guide.freddiemac.com/app/guide/bulletin/2020-8 Freddie Mac COVID 19 Updates 10
Slide 12: Bulletin 2020-8: Credit underwriting documentation age
Bulletin 2020-8 The temporary credit underwriting requirements below are effective for Mortgages with Application Received Dates on or after April 14, 2020, and remain in place for Mortgages with Application Received Dates on or before June 30, 2020; however, Sellers are encouraged to apply these up
Slide 13: Bulletin 2020-8: Income types with standard requirements
Bulletin 2020-8 The temporary credit underwriting requirements below are effective for Mortgages with Application Received Dates on or after April 14, 2020, and remain in place for Mortgages with Application Received Dates on or before June 30, 2020; however, Sellers are encouraged to apply these up
Slide 14: Bulletin 2020-8: Self-employed borrowers
Bulletin 2020-8 The temporary credit underwriting requirements below are effective for Mortgages with Application Received Dates on or after April 14, 2020, and remain in place for Mortgages with Application Received Dates on or before June 30, 2020; however, Sellers are encouraged to apply these up
Slide 15: Bulletin 2020-8: Stocks, options and mutual funds
Bulletin 2020-8 The temporary credit underwriting requirements below are effective for Mortgages with Application Received Dates on or after April 14, 2020, and remain in place for Mortgages with Application Received Dates on or before June 30, 2020; however, Sellers are encouraged to apply these up
Slide 16: Bulletin 2020-8: New construction appraisal flexibilities
Bulletin 2020-8 The temporary flexibilities are effective immediately for all Mortgages in process and remain in place for Mortgages with Applications Received on or before June 30, 2020. Appraisal Flexibilities Include: – For new construction properties, where the appraisal was completed “s
Slide 17: Bulletin 2020-8: New construction appraisal flexibilities
Bulletin 2020-8 The temporary flexibilities are effective immediately for all Mortgages in process and remain in place for Mortgages with Applications Received on or before June 30, 2020. Appraisal Flexibilities Include: – For new construction properties, where the appraisal was completed “s
Slide 18: Freddie Mac Training
Freddie Mac Training https://learn.freddiemaclearning.com/Saba/Web_spf/NA3P1PRD0123/guest/ledetail/cours000000000008862 Freddie Mac COVID 19 Updates 17
Slide 19: Bulletin 2020-8: CHOICERenovation mortgages
Bulletin 2020-8 The temporary flexibilities are effective immediately for all Mortgages in process and remain in place for Mortgages with Applications Received on or before June 30, 2020. Appraisal Flexibilities Include: CHOICERENOVATIONSM MORTGAGES In the event a Seller has determined t
Slide 20: Bulletin 2020-8: GreenCHOICE mortgages
Bulletin 2020-8 The temporary flexibilities are effective immediately for all Mortgages in process and remain in place for Mortgages with Applications Received on or before June 30, 2020. Flexibilities GREENCHOICE MORTGAGESSM In connection with GREENChoice MortgagesSM, Freddie Mac will permi
Slide 21: Freddie Mac Bulletin 2020-8: Additional guidance
Freddie Mac Bulletin 2020-8 – Additional Guidance Includes: Freddie Mac COVID 19 Updates 20
Slide 22: COVID-19 Update - Bulletin 2020-11
COVID-19 Update- Bulletin 2020-11 Additional Guidance Related to Covid-19 Highlights from the Bulletin will be addressed- please review the Bulletin for complete communication https://guide.freddiemac.com/app/guide/bulletin/2020-11 Freddie Mac COVID 19 Updates 21
Slide 23: Bulletin 2020-11: Condominium project reviews
Bulletin 2020-11 The temporary flexibilities are effective immediately for all Mortgages in process and remain in place for Mortgages with Applications Received on or before June 30, 2020. Condominium Project Reviews: Freddie Mac is offering temporary flexibilities and guidance to assist Sel
Slide 24: Bulletin 2020-11: Map reference field
Bulletin 2020-11 The temporary flexibilities are effective immediately for all Mortgages in process and remain in place for Mortgages with Applications Received on or before June 30, 2020. Appraisal Flexibilities Include: Map reference field for desktop and exterior-only appraisals Fredd
Slide 25: Bulletin 2020-11: New construction appraisals
Bulletin 2020-11 The temporary flexibilities are effective immediately for all Mortgages in process and remain in place for Mortgages with Applications Received on or before June 30, 2020. Appraisal Flexibilities Include: Property Valuations – appraisal flexibilities for new construction
Slide 26: Bulletin 2020-11: Loan Product Advisor update
Bulletin 2020-11 The temporary flexibilities are effective immediately for all Mortgages in process and remain in place for Mortgages with Applications Received on or before June 30, 2020. Appraisal Flexibilities Include: Loan Product Advisor® – update to identify Freddie Mac-owned Mortg
Slide 27: Bulletin 2020-11: Delivery instructions
Bulletin 2020-11 The temporary flexibilities are effective immediately for all Mortgages in process and remain in place for Mortgages with Applications Received on or before June 30, 2020. Appraisal Flexibilities Include: Delivery Instructions Beginning on April 13, 2020, for Mortgages w
Slide 28: Bulletin 2020-11: Virtual inspections for appraisals
Bulletin 2020-11 The temporary flexibilities are effective immediately for all Mortgages in process and remain in place for Mortgages with Applications Received on or before June 30, 2020. Appraisal Flexibilities Include: Virtual Inspections for Appraisals Appraisers may use virtual insp
Slide 29: Bulletin 2020-11: CHOICERenovation mortgages
Bulletin 2020-11 The temporary flexibilities are effective immediately for all Mortgages in process and remain in place for Mortgages with Applications Received on or before June 30, 2020. Appraisal Flexibilities Include: CHOICERenovation℠ Mortgages In connection with CHOICERenovation℠ M
Slide 30: Bulletin 2020-14 overview
Bulletin 2020-14 This Bulletin provides: Temporary requirements related to: – Mortgage purchase eligibility – Self reporting requirements for mortgages in COVID 19 related forbearance Extension of certain previously announced temporary requirements Additional guidance and reminders including those r
Slide 31: Bulletin 2020-14: Mortgage purchase eligibility
Bulletin 2020-14 TEMPORARY CHANGES- Mortgage purchase eligibility The temporary requirements below are effective immediately and will remain in place until further notice. We are temporarily revising our Mortgage eligibility requirements to limit our purchase of Mortgages to those with S
Slide 32: Bulletin 2020-14: Extension of temporary changes
Bulletin 2020-14 EXTENSION OF TEMPORARY CHANGES FROM PREVIOUS BULLETINS We are extending the temporary requirements and flexibilities that were effective for Mortgages with Application Received Dates through May 17, 2020 to Mortgages with Application Received Dates through June 30, 2020 for
Slide 33: Bulletin 2020-14: Furloughs and layoffs
Bulletin 2020-14 The temporary flexibilities are in effect for all Mortgages in process and remain in place for Mortgages with Applications Received on or before June 30, 2020. GUIDANCE AND REMINDERS Furloughs and layoffs Freddie Mac provides requirements for income while on temporary leave in Secti
Slide 34: Bulletin 2020-14: Unemployment compensation
Bulletin 2020-14 The temporary flexibilities are in effect for all Mortgages in process and remain in place for Mortgages with Applications Received on or before June 30, 2020. Unemployment compensation While we recognize that many individuals have become eligible for assistance and compensation ava
Slide 35: Bulletin 2020-14: Automated income assessment
Bulletin 2020-14 The temporary flexibilities are in effect for all Mortgages in process and remain in place for Mortgages with Applications Received on or before June 30, 2020. Automated income assessment with Loan Product Advisor® using tax return data To align with the IRS federal tax filing exten
Slide 36: Bulletin 2020-14: Loan Product Advisor update
Bulletin 2020-14 Loan Product Advisor update to identify Freddie Mac-owned Mortgages Loan Product Advisor has been enhanced to assist Sellers with identifying if a Mortgage being refinanced is owned by Freddie Mac, effective for submissions to Loan Product Advisor on and after April 27, 2020. This e
Slide 37: Bulletin 2020-17 highlights
Bulletin 2020-17 Bulletin Highlights include: Temporary purchase and refinance eligibility requirements for borrowers with existing mortgages Update to the representation and warranty framework requirements related to mortgages subject to forbearance agreements Extension of temporary requireme
Slide 38: Bulletin 2020-17: Purchase and refinance eligibility
Bulletin 2020-17 TEMPORARY PURCHASE AND REFINANCE ELIGIBILITY REQUIREMENTS FOR BORROWERS WITH EXISTING MORTGAGES These temporary requirements are effective for Mortgages with Application Received on and after June 2, 2020 and until further notice. It is encouraged to implement these requirements to
Slide 39: Bulletin 2020-17: Purchase and refinance eligibility
Bulletin 2020-17 TEMPORARY PURCHASE AND REFINANCE ELIGIBILITY REQUIREMENTS FOR BORROWERS WITH EXISTING MORTGAGES These temporary requirements are effective for Mortgages with Application Received on and after June 2, 2020 and until further notice. It is encouraged to implement these requirements to
Slide 40: Bulletin 2020-17: Seller due diligence
Bulletin 2020-17 TEMPORARY PURCHASE AND REFINANCE ELIGIBILITY REQUIREMENTS FOR BORROWERS WITH EXISTING MORTGAGES These temporary requirements are effective for Mortgages with Application Received on and after June 2, 2020 and until further notice. It is encouraged to implement these requirements to
Slide 41: Bulletin 2020-19 updates
Bulletin 2020-19 Updates to COVID-19 impact on originations: Temporary requirements and guidance for self-employed income Temporary flexibilities for CHOICERenovation® Mortgages Delivery requirements for “no cash-out” refinance mortgages Data requirements for mortgages that are in COVID-19 f
Slide 42: Bulletin 2020-19: Self-employed documentation
Bulletin 2020-19 These temporary requirements are effective for Mortgages with Application Received on and after June 11, 2020 and until further notice. It is encouraged to implement these requirements to loans in process. Due to the pandemic’s continuing impact on businesses throughout the country,
Slide 43: Bulletin 2020-19: Reviewing P&L statements
Bulletin 2020-19 These temporary requirements are effective for Mortgages with Application Received on and after June 11, 2020 and until further notice. It is encouraged to implement these requirements to loans in process. Reviewing YTD P&L statements, business account statements and other documenta
Slide 44: Bulletin 2020-19: Establishing stable monthly income
Bulletin 2020-19 These temporary requirements are effective for Mortgages with Application Received on and after June 11, 2020 and until further notice. It is encouraged to implement these requirements to loans in process. Establishing Stable Monthly Income The Seller must review the YTD profit and
Slide 45: Bulletin 2020-19: Stable monthly income continued
Bulletin 2020-19 These temporary requirements are effective for Mortgages with Application Received on and after June 11, 2020 and until further notice. It is encouraged to implement these requirements to loans in process. Establishing Stable Monthly Income- continued The Seller must establish the
Slide 46: Bulletin 2020-19: Stable monthly income continued
Bulletin 2020-19 These temporary requirements are effective for Mortgages with Application Received on and after June 11, 2020 and until further notice. It is encouraged to implement these requirements to loans in process. Establishing Stable Monthly Income- continued https://guide.freddiemac.com/ap
Slide 47: Bulletin 2020-19: Business assets
Bulletin 2020-19 These temporary requirements are effective for Mortgages with Application Received on and after June 11, 2020 and until further notice. It is encouraged to implement these requirements to loans in process. Business Assets Loan proceeds from the SBA Payroll Protection Plan (PPP) and/
Slide 48: Bulletin 2020-19: CHOICERenovation mortgages in forbearance
Bulletin 2020-19 These temporary requirements are effective for Mortgages with Application Received on and after June 11, 2020 and until further notice. It is encouraged to implement these requirements to loans in process. SM CHOICERENOVATION MORTGAGES Mortgages sold with recourse and in forbearance
Slide 49: Bulletin 2020-19: Settlement dates after renovations
Bulletin 2020-19 These temporary requirements are effective for Mortgages with Application Received on and after June 11, 2020 and until further notice. It is encouraged to implement these requirements to loans in process. CHOICERENOVATIONS MORTGAGES Mortgages with Settlement Dates after completion
Slide 50: Mortgages in forbearance credit fees in price
Mortgages in forbearance Credit Fees in Price https://sf.freddiemac.com/articles/news/fee-assessments-for-selling-mortgages-in-covid-19-related- forbearance Freddie Mac COVID 19 Updates 49
Slide 51: COVID FAQ's
COVID 19 FAQ’s https://sf.freddiemac.com/content/_assets/resources/pdf/faq/covid-19-selling-related-frequently-asked- questions.pdf Freddie Mac COVID 19 Updates 50
Slide 52: Genworth Mortgage Insurance Credit Policy Announcements
Genworth Mortgage Insurance Credit Policy Announcements https://new.mi.genworth.com/ Freddie Mac COVID 19 Updates 51
Slide 53: Genworth Underwriting Guidelines
Genworth Underwriting Guidelines Freddie Mac COVID 19 Updates
Slide 54: Genworth Rate Express
Genworth Rate Express® Freddie Mac COVID 19 Updates
Slide 55: LOS Connections
LOS Connections Freddie Mac COVID 19 Updates
Slide 56: Training Tools and Information
Training Tools and Information Freddie Mac COVID 19 Updates
Slide 57: Training Tools and Information
Training Tools and Information Freddie Mac COVID 19 Updates 56
Slide 58: Additional MI Site Information
Additional MI Site Information Freddie Mac COVID 19 Updates
Slide 59: Your Genworth Resources
Your Genworth Resources ActionCenter®: 800 444.5664 Your Local Genworth Regional Underwriter Your Genworth Sales Representative Freddie Mac COVID 19 Updates
Slide 60: 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