Enact Holdings, Inc. · NASDAQ:ACT
Enact — Investor Presentation (November 2020)
39 slides from Enact's investor presentation, November 2020
Slide 1: Affordability Options: What are the Opportunities
Affordability Options: What are the Opportunities November 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
Slide 2: Helping the Borrower
Helping the Borrower Have You Explored All Of The Options That Are Best For Your Borrower? • HomeReady® – Fannie Mae’s HomeReady is designed to help lenders confidently serve today’s market of creditworthy, low- to moderate-income borrowers, with expanded eligibility for financing homes in low-incom
Slide 3: Agenda
Agenda In Today’s Session We Will Cover Overview and Benefits for HomeReady as well as Home Possible – Let’s start with HomeReady • Website • Overview and Benefits • Quick Facts • Pricing Benefits • MI Coverage Requirements • Marketing Center/Options • Genworth benefits and tools Affordability Optio
Slide 4: HomeReady Website
HomeReady Website https://singlefamily.fanniemae.com/originating-underwriting/mortgage-products/homeready- mortgage?cmpid=sln082515 Affordability Options 3
Slide 5: Home Ready Mortgage
Home Ready Mortgage https://singlefamily.fanniemae.com/media/8266/display https://singlefamily.fanniemae.com/media/16486/display Affordability Options 4
Slide 6: HomeReady Product Matrix
HomeReady Product Matrix https://www.fanniemae.com/content/fact_sheet/homeready-product-matrix.pdf Affordability Options 5
Slide 7: HomeReady Quick Facts
HomeReady Quick Facts – Low down payment with up to 97% LTV financing for home purchases – CLTV up to 105% for loans with eligible Community Seconds® – Up to *97% Refinance available – Owner occupied (allows for non-occupying co-borrowers) – 2-4 unit, manufactured homes, condos, PUD eligible – 100%
Slide 8: HomeReady Quick Facts continued
HomeReady Quick Facts continued – Simple income eligibility – All property locations • 80% of area median income – Competitive pricing over standard pricing (LLPA’s) – All LLPA waived for transactions with credit score of 680 or greater and LTV of 80% or greater – Cancellable private mortgage insura
Slide 9: Income Eligibility Updates
Income Eligibility Updates Selling Notice June 3, 2020 https://singlefamily.fanniemae.com/media/22971/displayhttps://singlefamily.fanniemae.com/media/22971/di splay Affordability Options 8
Slide 10: Pricing And Fannie Mae LLPA Matrix
Pricing And Fannie Mae LLPA Matrix *LLPA for minimum mortgage insurance coverage (Table 4) are in addition to the LLPA caps https://singlefamily.fanniemae.com/media/9391/display Affordability Options 9
Slide 11: Eligibility Matrix
Eligibility Matrix https://www.fanniemae.com/content/eligibility_information/eligibility-matrix.pdf Affordability Options 10
Slide 12: Fannie Mae LLPA Differences
Fannie Mae LLPA Differences Standard HomeReady 95% LTV- 1.25 95% LTV- 0.0% – *$2,500 – $0 95.01-97% LTV- 1.50 95.01-97% LTV- 0.0% – *$3,000 – $0 Example- 1 family, owner occupied, purchase, primary residence, fixed rate, non- manufactured property with a borrower underwriting credit score of 680. Lo
Slide 13: Fannie Mae Mortgage Insurance Coverages
Fannie Mae Mortgage Insurance Coverages Standard HomeReady 95% LTV- 30% Coverage 95% LTV- 25% Coverage – $180. monthly MI – $156.66 monthly MI 95.01-97% LTV- 35% Coverage 95.01-97% LTV- 25% Coverage – $233.33 monthly MI – $191.66 monthly MI Example Purpose Only! Example- 1 family, owner occupied, pu
Slide 14: Fannie Mae Mortgage Insurance Coverages
Fannie Mae Mortgage Insurance Coverages Standard HomeReady 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 this e
Slide 15: Standard Program vs. HomeReady
Standard Program vs. HomeReady 1 unit 95% LTV Owner Occupied $15.00 Monthly Savings Purchase *$2,500 Savings Primary Residence 97% LTV Fixed Rate $38.34 Monthly Savings @97% Non-manufactured property LTV Credit score of 680 *$3,000 Savings Loan amount is $200,000 Monthly BPMI Assumes 1 borrower, low
Slide 16: Income Eligibility
Income Eligibility Use the Income Eligibility Tools to Determine Income Limitations https://ami-lookup-tool.fanniemae.com/amilookuptool/ https://www.fanniemae.com/content/fact_sheet/homeready-income-eligibility-tool-tips.pdf Affordability Options 15
Slide 17: Fannie Comparison
Fannie Comparison https://www.fanniemae.com/content/tool/homeready-standard-mcm-comparison.pdf Affordability Options 16
Slide 18: Marketing Materials
Marketing Materials https://www.fanniemae.com/singlefamily/marketing-center Affordability Options 17
Slide 19: Homeownership & Education Requirements
Homeownership & Education Requirements https://singlefamily.fanniemae.com/originating-underwriting/mortgage-products/homeownership-education-housing- counseling Affordability Options 18
Slide 20: Freddie Mac's Home Possible Mortgage
Freddie Mac’s Home Possible Mortgage Affordability Options 19
Slide 21: Home Possible Website
Home Possible Website https://sf.freddiemac.com/working-with-us/origination-underwriting/mortgage-products/home-possible Affordability Options 20
Slide 22: Home Possible Fact Sheet
Home Possible Fact Sheet https://sf.freddiemac.com/content/_assets/resources/pdf/fact-sheet/home_possible_factsheet.pdf Affordability Options 21
Slide 23: Home Possible FAQs
Home Possible FAQs https://sf.freddiemac.com/faqs/frequently-asked-questions-home-possible-mortgages Affordability Options 22
Slide 24: Current Home Possible Quick Facts
Current Home Possible Quick Facts – Owner Occupied (Program does allow for non-occupying co-borrowers) – Purchase and no cash out refinancing – Maximum 97% LTV and 105% TLTV ratios for Home Possible with an Affordable Second® – Single Family, 2-4 unit properties, condos, manufactured homes – Borrowe
Slide 25: Income and Property Eligibility
Income and Property Eligibility Loan Product Advisor® and the Home Possible Income & Property Eligibility tool will be 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/af
Slide 26: Freddie Mac Credit Fees in Price
Freddie Mac Credit Fees in Price https://guide.freddiemac.com/ci/okcsFattach/get/1001717_5 Affordability Options 25
Slide 27: Freddie Mac Credit Fees in Price Differences
Freddie Mac Credit Fees in Price Differences Standard Home Possible 95% LTV- 1.25 95% LTV- 0.0% – *$2,500 – $0 97% LTV – 1.50 95.01-97% LTV- 0.0% -* $3,000 – $0 Example- 1 family, owner occupied, purchase, primary residence, fixed rate, non-manufactured property with a borrower underwriting credit s
Slide 28: Mortgage Insurance Requirements
Mortgage Insurance Requirements Reduced MI coverage required for 95% and 97% LTV loans - 25% coverage required https://sf.freddiemac.com/content/_assets/resources/pdf/fact-sheet/home_possible_factsheet.pdf Affordability Options 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: Standard Program vs. Home Possible
Standard Program vs. Home Possible 1 unit 95% LTV Owner Occupied $15.00 Monthly Savings Purchase *$2,500 Savings Primary Residence 97% LTV Fixed Rate 97% LTV Allowed! Non-manufactured property $38.34 Monthly Savings @97% LTV Credit score of 680 based on conventional requirements Loan amount is $200,
Slide 31: Home Possible Marketing Materials
Home Possible Marketing Materials https://sf.freddiemac.com/general/home-possible-marketing-materials Affordability Options 30
Slide 32: Genworth Underwriting Guidelines
Genworth Underwriting Guidelines
Slide 33: 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 34: 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 35: Training Tools and Information
Training Tools and Information
Slide 36: Training Tools and Information
Training Tools and Information 35
Slide 37: Additional MI Site Information
Additional MI Site Information
Slide 38: Your Genworth Resources
Your Genworth Resources ➢ ActionCenter®: 800 444.5664 ➢ Your Local Genworth Regional Underwriter ➢ Your Genworth Sales Representative
Slide 39: 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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