Enact Holdings, Inc. · NASDAQ:ACT
Enact — Investor Presentation (March 2021)
38 slides from Enact's investor presentation, March 2021
Slide 1: Freddie Mac Home Possible Mortgage: An Overview
Freddie Mac Home Possible® Mortgage An Overview March 2021 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. ©2021 Genwo
Slide 2: Agenda
Agenda In Today’s Session We Will Cover Freddie Mac’s Home Possible – Overview and Benefits – Website and Recent Bulletins – General Eligibility of the Program – Affordable Income and Property Eligibility tool – Homebuyer Education Requirements – Resources and Tools – Genworth Mortgage Insurance Rat
Slide 3: Home Possible Fact Sheet
Home Possible Fact Sheet https://sf.freddiemac.com/content/_assets/resources/pdf/fact-sheet/home_possible_factsheet.pdf Freddie Mac Home Possible Mortgage 2
Slide 4: Home Possible Overview and Benefits
Home Possible Overview and Benefits https://sf.freddiemac.com/content/_assets/resources/pdf/fact-sheet/sf-fm-homepossibe-mortgage.pdf Freddie Mac Home Possible Mortgage 3
Slide 5: Home Possible Website
Home Possible Website https://sf.freddiemac.com/working-with-us/origination-underwriting/mortgage-products/home-possible Freddie Mac Home Possible Mortgage 4
Slide 6: Freddie Mac's Home Possible Mortgages: Maximum LTV
Freddie Mac’s Home Possible Mortgages Maximum LTV/TLTV/HTLTV ® – Underwriting Path: May be submitted to Loan Product Advisor or manually underwritten (except for certain manufactured homes and all super conforming loans) – Follow guidelines that apply based on the type of underwrite you are doing (m
Slide 7: Eligible Mortgages
Freddie Mac’s Home Possible Mortgages Eligible Mortgages* https://sf.freddiemac.com/content/_assets/resources/pdf/fact-sheet/home_possible_factsheet.pdf *See Freddie Mac Seller/Servicer Guide for list of Ineligible Mortgages Freddie Mac Home Possible Mortgage 6
Slide 8: Eligible Property Types
Freddie Mac’s Home Possible Mortgages Eligible Property Types https://sf.freddiemac.com/content/_assets/resources/pdf/fact-sheet/home_possible_factsheet.pdf Freddie Mac Home Possible Mortgage 7
Slide 9: Additional Requirements for 2-4 Unit Properties
Additional Requirements for 2-4 Unit Properties https://sf.freddiemac.com/content/_assets/resources/pdf/fact-sheet/home_possible_factsheet.pdf Freddie Mac Home Possible Mortgage 8
Slide 10: Property Ownership
Freddie Mac’s Home Possible Mortgages Property Ownership: https://sf.freddiemac.com/content/_assets/resources/pdf/fact-sheet/home_possible_factsheet.pdf Freddie Mac Home Possible Mortgage 9
Slide 11: Freddie Mac's Home Possible Mortgages: Secondary Financing
Freddie Mac’s Home Possible Mortgages * * * *When the TLTV ratio exceeds 97% (95% for Super Conforming Mortgages) the secondary financing subordinated to a Home Possible Mortgage must be an Affordable Second. The Affordable Second financing cannot be a Home Equity Line of Credit (HELOC). https://sf.
Slide 12: Affordable Seconds Checklist
Affordable Seconds Checklist https://sf.freddiemac.com/content/_assets/resources/pdf/fact- sheets/affordable_seconds_guidelines_factsheet.pdf Freddie Mac Home Possible Mortgage 11
Slide 13: Home Possible Qualifying Ratios
Freddie Mac’s Home Possible Mortgages Home Possible Qualifying Ratios: – Loan Product Advisor calculates and evaluates the Borrower’s qualifying ratios. For Accept Mortgages and A-Minus Mortgages, Loan Product Advisor has determined that the Borrower’s qualifying ratios are acceptable. – When the Bo
Slide 14: Eligible Borrowers
Freddie Mac’s Home Possible Mortgages Eligible Borrowers – At least one borrower must occupy the mortgage premises as a primary residence – Non-occupying borrowers are permitted, provided that: • The LTV/TLTV/HTLTV does not exceed 95% for Loan Product Advisor Mortgages, except for fixed-rate Mortgag
Slide 15: Minimum Credit Score Requirements
Freddie Mac’s Home Possible Mortgages Minimum Credit Score Requirements https://sf.freddiemac.com/content/_assets/resources/pdf/fact-sheet/home_possible_factsheet.pdf Freddie Mac Home Possible Mortgage 14
Slide 16: Additional Special Underwriting Requirements
Freddie Mac’s Home Possible Mortgages Additional Special Underwriting Requirements https://sf.freddiemac.com/content/_assets/resources/pdf/fact-sheet/home_possible_factsheet.pdf Freddie Mac Home Possible Mortgage 15
Slide 17: Mortgages for Borrowers with No Credit Scores
Mortgages for Borrowers with No Credit Scores https://guide.freddiemac.com/app/guide/section/5201.1 Freddie Mac Home Possible Mortgage 16
Slide 18: Income and Property Eligibility
Income and Property Eligibility Loan Product Advisor® and the Home Possible Income & Property Eligibility tool was updated on July 12, 2020 with the new 2020 area median income (AMI) limits recently issued by the Federal Housing Finance Agency (FHFA). https://sf.freddiemac.com/working-with-us/afford
Slide 19: Income and Property Eligibility
Income and Property Eligibility Freddie Mac Home Possible Mortgage 18
Slide 20: Loan Product Advisor Entry
Freddie Mac’s Home Possible Mortgages Loan Product Advisor Entry: Use Offering Identifier Code “241” or Select Home Possible in your LOS Freddie Mac Home Possible Mortgage 19
Slide 21: Mortgage Insurance Requirements
Mortgage Insurance Requirements Reduced MI coverage required for 95% and 97% LTV, 30 year loans - 25% coverage required https://sf.freddiemac.com/content/_assets/resources/pdf/fact-sheet/home_possible_factsheet.pdf Freddie Mac Home Possible Mortgage 20
Slide 22: Freddie Mac Credit Fees in Price
Freddie Mac Credit Fees in Price https://guide.freddiemac.com/ci/okcsFattach/get/1001717_5 Freddie Mac Home Possible Mortgage 21
Slide 23: Freddie Mac Single Family Seller/Servicer Guide
Freddie Mac Single Family Seller/Servicer Guide https://guide.freddiemac.com/app/guide/find/home%20possible Freddie Mac Home Possible Mortgage 22
Slide 24: Home Possible Education Requirements
Home Possible Education Requirements https://sf.freddiemac.com/content/_assets/resources/pdf/fact-sheet/home_possible_factsheet.pdf Freddie Mac Home Possible Mortgage 23
Slide 25: Home Possible Education Requirements
Home Possible Education Requirements Landlord education (2- to 4-unit Primary Residences) – Purchase Transactions - At least one qualifying Borrower must participate in a landlord education program before the Note Date, or the Effective Date of Permanent Financing for Construction Conversion and Ren
Slide 26: https://mi.genworth.com
https://mi.genworth.com Freddie Mac Home Possible Mortgage 25
Slide 27: https://mi.genworth.com
https://mi.genworth.com Freddie Mac Home Possible Mortgage 26
Slide 28: Home Possible Education Requirements
Home Possible Education Requirements https://sf.freddiemac.com/working-with-us/creditsmart/courses Freddie Mac Home Possible Mortgage 27
Slide 29: Freddie Mac Mortgage Insurance Coverages
Freddie Mac Mortgage Insurance Coverages Standard Home Possible 95% LTV- 30% Coverage 95% LTV- 25% Coverage – $160. monthly MI – $145.00 monthly MI *95.01-97% LTV- 35% Coverage 95.01-97% LTV- 25% Coverage – $201.67 monthly MI – $163.33 monthly MI For a loan with two borrowers, 97% factor is .84% In
Slide 30: Home Possible Marketing Materials
Home Possible Marketing Materials https://sf.freddiemac.com/general/home-possible-marketing-materials Freddie Mac Home Possible Mortgage 30
Slide 31: Home Possible Income Limit FAQs
Home Possible Income Limit FAQs https://sf.freddiemac.com/faqs/home-possible-income-limit-change-faq Freddie Mac Home Possible Mortgage 32
Slide 32: Genworth Underwriting Guidelines
Genworth Underwriting Guidelines Freddie Mac Home Possible Mortgage 33
Slide 33: Genworth Rate Express
Genworth Rate Express® Freddie Mac Home Possible Mortgage 34
Slide 34: Training Tools and Information
Training Tools and Information Freddie Mac Home Possible Mortgage 35
Slide 35: Training Tools and Information
Training Tools and Information Freddie Mac Home Possible Mortgage 36
Slide 36: Additional MI Site Information
Additional MI Site Information Freddie Mac Home Possible Mortgage 37
Slide 37: Your Genworth Resources
Your Genworth Resources ➢ ActionCenter®: 800 444.5664 ➢ Your Local Genworth Regional Underwriter ➢ Your Genworth Sales Representative Freddie Mac Home Possible Mortgage 38
Slide 38: 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