Enact Holdings, Inc. · NASDAQ:ACT
Enact — Investor Presentation (October 2020)
22 slides from Enact's investor presentation, October 2020
Slide 1: Assets- Part II A quick module on calculation of funds (Exercises)
Assets- Part II A quick module on calculation of funds (Exercises) Fannie Mae And Freddie Mac Guidelines October 2020 Customer Education Brought to you by: Genworth Customer Development and Process Consulting ©2020 Genworth Financial, Inc. All rights reserved. Assets Part II Exercises 0
Slide 2: Objective
Objective Practice our understanding on how to calculate sufficient funds for mortgage transactions for Fannie Mae and Freddie Mac You should have already taken Genworth’s Asset Review webinar before taking this session. Only Conventional Loans Are Covered In Today’s Session Assets Part II Exercises
Slide 3: #1 Purchase Transaction Freddie Mac
#1 Purchase Transaction Freddie Mac Details: – Purchase, Loan Product Advisor Feedback states no reserves required. – Based on the details of transaction and the accounts listed on the 1003, do you have sufficient funds? – Any requirements based on account type? – Name at least two things you would
Slide 4: Do you have sufficient funds? Any requirements based on account type?
– Do you have sufficient funds? – Any requirements based on account type? – Name at least two things you would need to review on the asset statements? *See Freddie Mac COVID-19 policies Bulletin 2020-08 Assets Part II Exercises 3
Slide 5: #2 Fannie Mae Purchase
#2 Fannie Mae Purchase Details: – Purchase, transaction details entered in your LOS and DU are below. – Retirement and stocks entered at 100% of value Assets Part II Exercises 4
Slide 6: #2 Fannie Mae Purchase- DU Findings
#2 Fannie Mae Purchase- DU Findings * *Fannie Mae COVID-19 policies require use of 70% of stocks, stock options or mutual funds when used for reserves, see LL-2020-03 Assets Part II Exercises 5
Slide 7: Do you need reserves verified?
– Do you need reserves verified? – Does the E/M need to be verified as having cleared the checking account? – Does the borrower have sufficient funds to close if the E/M was verified as cleared? *Fannie Mae COVID-19 policies allow only 70% of stocks, stock option or mutual funds to be used for reser
Slide 8: #3 Second Home Purchase
#3 Second Home Purchase Details: It’s October 2020 and COVID-19 Guidelines apply – Purchase of a second home; LTV is 90% – Retirement and mutual funds entered at 100% of value – If $5,000 is the total required for down payment and closing, how much in reserves are available ? Note there are several
Slide 9: #3 Second Home Purchase
#3 Second Home Purchase * * – If – If – If *Fannie Mae and Freddie Mac COVID-19 policies allow only 70% of stocks, stock option or mutual funds to be used for reserves Assets Part II Exercises 8
Slide 10: PPP (Paycheck Protection Program) Loans
PPP (Paycheck Protection Program) Loans – Proceeds from a PPP loan, or similar COVID-19 related loans cannot be used towards cash to close or reserves https://singlefamily.fanniemae.com/media/22326/display PPP Or Similar COVID-19 Related Loans Are Not Acceptable Sources For Funds For the Transaction
Slide 11: Findings And Feedback Messages
Findings And Feedback Messages – Make sure you understand all guidelines that apply especially during the COVID-19 pandemic Specific Asset And Reserve Messages Have Not Been Updated With COVID-19 Policies Assets Part II Exercises 10
Slide 12: Genworth MI Top Decision Errors
Genworth MI Top Decision Errors https://new-content.mortgageinsurance.genworth.com/2020-08/MI%20Decision%20Tips%202Q%202020.pdf Assets Part II Exercises 11
Slide 13: MI Decision Tips link
https://new-content.mortgageinsurance.genworth.com/2020-08/MI%20Decision%20Tips%202Q%202020.pdf Assets Part II Exercises 12
Slide 14: Genworth Resource Document
Genworth Resource Document Genworth Has A Tip Sheet To Help Document Earnest Money As Well As Gifts and Missing File Documentation https://new-content.mortgageinsurance.genworth.com/documents/contract-svcs/00329.ContractServices.TipSheet.pdf Assets Part II Exercises 13
Slide 15: Genworth Underwriting Guidelines
Genworth Underwriting Guidelines Assets Part II Exercises 14
Slide 16: Genworth Rate Express
Genworth Rate Express® Assets Part II Exercises 15
Slide 17: LOS Connections
LOS Connections Assets Part II Exercises 16
Slide 18: Training Tools and Information
Training Tools and Information Assets Part II Exercises 17
Slide 19: Training Tools and Information
Training Tools and Information Assets Part II Exercises 18
Slide 20: Additional MI Site Information
Additional MI Site Information Assets Part II Exercises 19
Slide 21: Your Genworth Resources
Your Genworth Resources ➢ ActionCenter®: 800 444.5664 ➢ Your Local Genworth Regional Underwriter ➢ Your Genworth Sales Representative Assets Part II Exercises 20
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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