Enact Holdings, Inc. · NASDAQ:ACT
Enact — Investor Presentation (October 2020)
22 slides from Enact's investor presentation, October 2020
Slide 1: Acceptable Use and Verification of Gift Funds
Acceptable Use and Verification of Gift Funds October 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 Required Funds Gift Funds- New URLA Section 4 Acceptable Donor Use of Gift Funds Minimum Contribution Documentation Requirement Customer Education: Use of Gift Funds 1
Slide 3: Required Funds
Required Funds FUNDS AVAILABLE TO CLOSE FUNDS REQUIRED TO CLOSE Amount verified in Bank Accounts Purchase Price (or refinance debt to be paid off) + Equity from Real Property - Earnest Money Deposit + Gifts - Other Financing + Sale of Stocks and Bonds -Loan Amount Applied for + Closing Costs Paid by
Slide 4: Are Gift Funds in the Transaction?
Are Gift Funds in the Transaction? Customer Education: Use of Gift Funds 3
Slide 5: Gift Funds- Acceptable Donor
Gift Funds- Acceptable Donor A gift can be provided by: – a relative, defined as the borrower’s spouse, child, or other dependent, or by any other individual who is related to the borrower by blood, marriage, adoption, or legal guardianship; or – a fiancé, fiancée, or domestic partner. The donor may
Slide 6: The Use of Gift Funds
The Use of Gift Funds A borrower of a mortgage loan secured by a principal residence or second home may use funds received as a personal gift from an acceptable donor. Gift funds may fund all or part of the down payment, closing costs, or financial reserves subject to the minimum borrower contributi
Slide 7: Fannie Mae Minimum Contribution
Fannie Mae Minimum Contribution https://www.fanniemae.com/content/guide/selling/b3/4.3/04.html Fannie Mae Selling Guide B3-4.3-04: Personal Gifts (09/29/2015) Customer Education: Use of Gift Funds 6
Slide 8: Gift Funds- Minimum Borrower Contribution Requirement
Gift Funds- Minimum Borrower Contribution Requirement 1. If the borrower receives a gift from a relative or domestic partner who has lived with the borrower for the last 12 months, or from a fiancé or fiancée, the gift is considered the borrower’s own funds and may be used to satisfy the minimum bor
Slide 9: Freddie Mac Minimum Contribution
Freddie Mac Minimum Contribution 5501.3 Asset eligibility and documentation requirements Effective 09/02/2020 Customer Education: Use of Gift Funds 8
Slide 10: Gift Funds- Documentation Requirement
Gift Funds- Documentation Requirement Gifts must be evidenced by a letter signed by the donor, called a gift letter. The gift letter must: – specify the dollar amount of the gift; – specify the date the funds were transferred; – include the donor’s statement that no repayment is expected; and – indi
Slide 11: Gift Funds- Availability & Transfer of Funds
Gift Funds- Availability & Transfer of Funds The lender must verify that sufficient funds to cover the gift are either in the donor’s account or have been transferred to the borrower’s account. Acceptable documentation includes the following: – a copy of the donor’s check and the borrower’s deposit
Slide 12: Fannie Mae- Verifying Gift Funds
Fannie Mae- Verifying Gift Funds https://www.fanniemae.com/content/guide/selling/b3/4.3/04.html Fannie Mae Selling Guide B3-4.3-04: Personal Gifts (09/29/2015) Customer Education: Use of Gift Funds 11
Slide 13: Freddie Mac- Verifying Gift Funds
Freddie Mac- Verifying Gift Funds 5501.3 Asset eligibility and documentation requirements Effective 09/02/2020 Customer Education: Use of Gift Funds 12
Slide 14: Freddie Mac- Verifying Gift Funds
Freddie Mac- Verifying Gift Funds 5501.3 Asset eligibility and documentation requirements Effective 09/02/2020 Customer Education: Use of Gift Funds 13
Slide 15: Genworth Underwriting Guidelines
Genworth Underwriting Guidelines
Slide 16: Genworth Rate Express
Genworth Rate Express® &, 800 444.5664 a|Q Genwort a, Mortgage Insurance meraTes 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 Res
Slide 17: 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 18: Training Tools and Information
Training Tools and Information
Slide 19: Training Tools and Information
Training Tools and Information 18
Slide 20: Additional MI Site Information
Additional MI Site Information
Slide 21: Your Genworth Resources
Your Genworth Resources ➢ ActionCenter®: 800 444.5664 ➢ Your Local Genworth Regional Underwriter ➢ Your Genworth Sales Representative
Slide 22: 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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