Enact Holdings, Inc. · NASDAQ:ACT
Enact — Investor Presentation (July 2020)
32 slides from Enact's investor presentation, July 2020
Slide 1: Introduction to Freddie Mac's CHOICERenovation Mortgage
Introduction to Freddie Mac’s: CHOICERenovation℠ Mortgage 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. ©2
Slide 2: Renovation Mortgages - Why?
Renovation Mortgages - Why? According to Harvard Joint Center for Housing Studies, almost 80% of the nation’s 137 million homes are now at least 20 years old and 40% are at least 50 years old. Allow homeowners and homebuyers the opportunity to finance their renovations and increase the value of an o
Slide 3: Borrower Benefits
Borrower Benefits Save time and money. Allow borrowers to purchase homes and finance the cost of renovations with a single-close mortgage. Package the benefits. Combine this offering with our low-down payment and higher LTV solutions to make financing renovation projects even more affordable. Increa
Slide 4: CHOICERenovation Mortgage
CHOICERenovation℠ Mortgage https://sf.freddiemac.com/working-with-us/origination-underwriting/mortgage-products/choicerenovation CHOICERenovation Mortgage 3
Slide 5: CHOICERenovation frequently asked questions link
https://sf.freddiemac.com/working-with-us/affordable-lending/duty-to-serve/manufactured- housing/choicehome/choicerenovation-sm-frequently-asked-questions CHOICERenovation Mortgage 4
Slide 6: Transaction Type
Transaction Type – Purchase – No cash-out refinance (NCOR) https://sf.freddiemac.com/working-with-us/origination-underwriting/mortgage-products/choicerenovation CHOICERenovation Mortgage 5
Slide 7: Eligible Mortgage Products
Eligible Mortgage Products – Fixed rate and adjustable rate mortgages – Freddie Mac Home Possible® mortgages – Freddie Mac HomeOneSM mortgages – Super conforming mortgages https://sf.freddiemac.com/working-with-us/origination-underwriting/mortgage-products/choicerenovation CHOICERenovation Mortgage
Slide 8: Property Type / Eligible Properties
Property Type / Eligible Properties – 1-4-unit primary residence – Manufactured homes – 1-unit second homes – 1-unit investment property – Units located in planned unit developments (PUDs), condominiums, cooperatives (if permitted under the Seller’s Purchase Documents) or leasehold estates are accep
Slide 9: Eligibility Underwriting
Eligibility Underwriting – Mortgages delivered under the CHOICERenovation offering must be submitted to Loan Product Advisor® and receive a Loan Product Advisor “Accept” risk classification. – Manual underwriting will not be accepted. https://sf.freddiemac.com/working-with-us/origination-underwritin
Slide 10: LTV Requirements
LTV Requirements The following includes maximum LTV ratios. Please note, the maximum LTV ratios depend on the specific product or offering; there may be additional possible LTV ratios, i.e. condominiums when the project reviews are streamlined; these numbers are subject to change. TLTV to 105% with
Slide 11: Allowable Renovation Costs
Allowable Renovation Costs For Refinances, the maximum permitted renovation costs are up to 75% of the “as-completed” appraised value of the improvements. For Purchases, the maximum permitted renovation costs are up to 75% of the lesser of 1.) the sum of purchase price and renovation costs or 2.) th
Slide 12: Borrower As Contractor
Borrower As Contractor The Borrower may act as the general contractor for the renovations if the Borrower is a licensed contractor. The Borrower may perform some or all of the work to complete the renovations as long as he/she is licensed and qualified to do so. In connection with Borrowers who act
Slide 13: Freddie Mac Selling Guide
Freddie Mac Selling Guide https://guide.freddiemac.com/app/guide/chapter/4607 CHOICERenovation Mortgage 12
Slide 14: Bulletin 2020-8
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 Aug 31, 2020. Appraisal Flexibilities Include: CHOICERENOVATIONSM MORTGAGES In the event a Seller has determined th
Slide 15: Bulletin 2020-11
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 Aug 31, 2020. Appraisal Flexibilities Include: CHOICERenovation℠ Mortgages In connection with CHOICERenovation℠ Mo
Slide 16: Bulletin 2020-19
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 17: Bulletin 2020-19
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 18: Tools and Resources
Tools and Resources https://sf.freddiemac.com/working-with-us/origination-underwriting/mortgage-products/choicerenovation CHOICERenovation Mortgage 17
Slide 19: Tools and Resources
Tools and Resources https://sf.freddiemac.com/working-with-us/origination-underwriting/mortgage-products/choicerenovation CHOICERenovation Mortgage 18
Slide 20: Tools and Resources
Tools and Resources https://sf.freddiemac.com/working-with-us/origination-underwriting/mortgage-products/choicerenovation CHOICERenovation Mortgage 19
Slide 21: Tools and Resources
Tools and Resources https://sf.freddiemac.com/working-with-us/origination-underwriting/mortgage-products/choicerenovation CHOICERenovation Mortgage 20
Slide 22: Tools and Resources
Tools and Resources https://sf.freddiemac.com/working-with-us/origination-underwriting/mortgage-products/choicerenovation CHOICERenovation Mortgage 21
Slide 23: Appraisal Requirements
Appraisal Requirements The Seller must obtain an appraisal report based on an interior and exterior inspection. The appraisal report must include an “as completed” value of the subject property subject to completion of the proposed renovations. The Seller must provide the appraiser with the cost est
Slide 24: Mortgage Insurance
Mortgage Insurance If Mortgage Insurance is required it must be in place before closing CHOICERenovation Mortgage 23
Slide 25: Genworth Underwriting Guidelines
Genworth Underwriting Guidelines
Slide 26: Genworth Rate Express
Genworth Rate Express® & 800 444.5664 | 4 | Search Q @ ORDERM UNDERWRITING & GUIDES | LOS & CONNECTIONS | GENWORTH TOOLKIT | TRAINING OUR BLOG | ABOUT US Genworth = a, Mortgage Insurance Rate Express ITIONS THAT MATTER Genworth Mortgage Insurance Rate Cards GenRATE ga YOU year! ttf,.: Quote Sweepsta
Slide 27: LOS Connections
LOS Connections NA & 800 444.5664 |G | Q Genworth == Ayre Mortgage Insurance mR Search Q S caaiecal @ VIEW ACCOUNT MI & RATES | UNDERWRITING & GUIDES LOS & CONNECTIONS | GENWORTH TOOLKIT | TRAINING OUR BLOG ABOUT US YOU-CENTRIC SOLUTIONS THAT MAT submit on Our Site Genworth Mortgage Insurance LOS Co
Slide 28: Training Tools and Information
Training Tools and Information
Slide 29: Training Tools and Information
Training Tools and Information 28
Slide 30: Additional MI Site Information
Additional MI Site Information
Slide 31: Your Genworth Resources
Your Genworth Resources ActionCenter®: 800 444.5664 Your Local Genworth Regional Underwriter Your Genworth Sales Representative
Slide 32: 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