Enact Holdings, Inc. · NASDAQ:ACT
Enact — Investor Presentation (August 2018)
49 slides from Enact's investor presentation, August 2018
Slide 1: Freddie Mac's Home Possible Mortgages: An Overview
Freddie Mac’s Home Possible® Mortgages An Overview August 2018 Genworth Mortgage Insurance Corporation ©2018 Genworth Financial, Inc. All rights reserved.
Slide 2: Agenda
Agenda In Today’s Session We Will Cover Freddie Mac’s Home Possible – Overview and Benefits – Website & Recent Bulletins – General Eligibility of the Program – Affordable Income & Property Eligibility tool – Homebuyer Education Requirements – Resources and Tools – Genworth Mortgage Rate ExpressSM an
Slide 3: Home Possible Overview and Benefits
Home Possible Overview and Benefits http://www.freddiemac.com/learn/pdfs/mp/hp_glance_7_18.pdf Freddie Mac Home Possible and Home Possible Advantage 3
Slide 4: Bulletin 2018-07
Bulletin 2018-07 Selling Updates – Introducing HomeOneSM Mortgage • 97% First time homebuyer option – Updates to HomePossible • Income limit changes • Removes the disaster area and high cost area – See Home Possible® training for full details Freddie Mac Home Possible and Home Possible Advantage 4
Slide 5: Home Possible Website
Home Possible Website http://www.freddiemac.com/homepossible/ Freddie Mac Home Possible and Home Possible Advantage 5
Slide 6: Updates - Bulletin 2017-11
Updated Updates - Bulletin 2017-11 Policy! • Allows for gifts or grants from the Seller or originating lender ONLY after a contribution of 3% is made from the borrower’s personal funds or from other eligible sources of funds as described in the Guide. • Gifts or grants from the Seller must NOT be fu
Slide 7: Pricing Updates
Pricing Updates Product Benefit • Delivery Fees are ZERO for loans with credit scores of 680 and above with an LTV > or = to 80% • All other loans capped at 1.50% • Effective for Home Possible Loans with settlement dates on or after July 1, 2016. Freddie Mac Home Possible and Home Possible Advantage
Slide 8: Freddie Mac's Home Possible Mortgages
Freddie Mac’s Home Possible Mortgages Home Possible: 95% LTV Home Possible Advantage®: 97% LTV • Underwriting Path: May be submitted • Underwriting Path: May be ® to Loan Product Advisor or manually submitted to Loan Product Advisor underwritten (except manufactured) or manually underwritten • Mortg
Slide 9: Freddie Mac's Home Possible Mortgages
Freddie Mac’s Home Possible Mortgages Home Possible: 95% LTV Home Possible Advantage: 97% LTV • Property Ownership: *The • Property Ownership: *The borrower may not, as of the note borrower may not, as of the note date, have any ownership date, have any ownership interest interest in any other resid
Slide 10: Freddie Mac's Home Possible Mortgages
Freddie Mac’s Home Possible Mortgages Home Possible: 95% LTV Home Possible Advantage: 97% LTV • Minimum Borrower • Minimum Borrower Contribution: Contribution: Freddie Mac Home Possible and Home Possible Advantage 10
Slide 11: Freddie Mac's Home Possible Mortgages
Freddie Mac’s Home Possible Mortgages Home Possible: 95% LTV Home Possible Advantage: 97% LTV • Minimum Reserves: • Minimum Reserves Freddie Mac Home Possible and Home Possible Advantage 11
Slide 12: Freddie Mac's Home Possible Mortgages
Freddie Mac’s Home Possible Mortgages Home Possible: 95% LTV Home Possible Advantage: 97% LTV Freddie Mac Home Possible and Home Possible Advantage 12
Slide 13: Freddie Mac's Home Possible Mortgages
Freddie Mac’s Home Possible Mortgages Home Possible: 95% LTV Home Possible Advantage: 97% LTV Freddie Mac Home Possible and Home Possible Advantage 13
Slide 14: Freddie Mac's Home Possible Mortgages
Freddie Mac’s Home Possible Mortgages Home Possible: 95% LTV Home Possible Advantage: 97% LTV • Income Limits: The borrower • Income Limits: The borrower must meet income limits. Loan must meet income limits. Loan Product Advisor will determine Product Advisor will determine the income eligibility;
Slide 15: Home Possible & Advantage Income Limits
Freddie Mac’s Home Possible Mortgages Home Possible & Home Possible Advantage Income Limits • For all Home Possible and Home Possible Advantage Loans, with the exception of those loans secured by a Mortgaged Premises located in a low- income census tract, the Borrower’s income, converted to an annua
Slide 16: Home Possible & Advantage Income Limits
Freddie Mac’s Home Possible Mortgages Home Possible & Home Possible Advantage Income Limits • For Loan Product Advisor Home Possible and Home Possible Advantage Loans, the new income requirements were implemented July 29, 2018. Below is a chart of what Loan Product Advisor will use depending on when
Slide 17: Updates - Bulletin 2017-26
Updates - Bulletin 2017-26 Updated • Policy effective Immediately Policy! Freddie Mac Home Possible and Home Possible Advantage 17
Slide 18: Income and Property Eligibility
Income and Property Eligibility http://www.freddiemac.com/homepossible/eligibility.html Freddie Mac Home Possible and Home Possible Advantage 18
Slide 19: Check A Loan You Have In Your Pipeline
Check A Loan You Have In Your Pipeline Freddie Mac Home Possible and Home Possible Advantage 19
Slide 20: Check A Loan You Have In Your Pipeline
Check A Loan You Have In Your Pipeline Freddie Mac Home Possible and Home Possible Advantage 20
Slide 21: Freddie Mac's Home Possible Mortgages
Freddie Mac’s Home Possible Mortgages Home Possible: 95% LTV Home Possible Advantage: 97% LTV • Credit Underwriting Loan • Credit Underwriting Loan Product Advisor: A borrower’s Product Advisor: A borrower’s credit reputation is acceptable if credit reputation is acceptable if the Home Possible mort
Slide 22: Borrowers Without A Credit Score
Borrowers Without A Credit Score Home Possible Only Freddie Mac Home Possible and Home Possible Advantage 22
Slide 23: Borrowers Without A Credit Score
Borrowers Without A Credit Score Home Possible Only Freddie Mac Home Possible and Home Possible Advantage 23
Slide 24: Freddie Mac's Home Possible Mortgages
Freddie Mac’s Home Possible Mortgages Home Possible: 95% LTV Home Possible Advantage: 97% LTV • Loan Product Advisor Entry: • Loan Product Advisor Entry: Use Offering Identifier Code Use Offering Identifier Code “241” “250” Freddie Mac Home Possible and Home Possible Advantage 24
Slide 25: Mortgage Insurance Requirements
Mortgage Insurance Requirements Reduced MI coverage required for 95% and 97% LTV loans - 25% coverage required Freddie Mac Home Possible and Home Possible Advantage 25
Slide 26: Home Possible Education Requirements
Home Possible Education Requirements Homebuyer Education Purchase Transaction When all Borrowers are **First-Time Homebuyers, at least one qualifying Borrower must participate in a homeownership education program before the Note Date, or the Effective Date of Permanent Financing for Construction Con
Slide 27: Home Possible Education Requirements
Home Possible Education Requirements Homebuyer Education Purchase Transaction • Programs developed by HUD-approved counseling agencies, Housing Finance Agencies (HFAs) or Community Development Financial Institutions (CDFIs) • Homeownership education programs that meet the standards of the National I
Slide 28: 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 29: CreditSmart tutorial
http://www.freddiemac.com/creditsmart/tutorial.html Freddie Mac Home Possible and Home Possible Advantage 29
Slide 30: Genworth homebuyer education site
https://new.mi.genworth.com/ Freddie Mac Home Possible and Home Possible Advantage 30
Slide 31: Genworth homebuyer education site
https://new.mi.genworth.com/ Freddie Mac Home Possible and Home Possible Advantage 31
Slide 32: Freddie Mac Postsettlement Delivery Fees
Freddie Mac Postsettlement Delivery Fees Freddie Mac Home Possible and Home Possible Advantage 32
Slide 33: Freddie Mac Postsettlement Delivery Fees
Freddie Mac Postsettlement Delivery Fees VS Home Possible 95% vs Standard 95% Both with Credit Score of 680 Freddie Mac Home Possible and Home Possible Advantage 33
Slide 34: Freddie Mac Mortgage Insurance Coverages
Freddie Mac Mortgage Insurance Coverages Standard Home Possible & Advantage 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
Slide 35: Home Possible Marketing Materials
Home Possible Marketing Materials http://www.freddiemac.com/homepossible/ Freddie Mac Home Possible and Home Possible Advantage 35
Slide 36: Home Possible Website
Home Possible Website http://www.freddiemac.com/homepossible/ Freddie Mac Home Possible and Home Possible Advantage 36
Slide 37: Affordable Seconds Checklist
Affordable Seconds Checklist http://www.freddiemac.com/singlefamily/purchasemarket/docs/affordable_seconds_guidelines_factsheet.pdf Freddie Mac Home Possible and Home Possible Advantage 37
Slide 38: Down Payment Assistance
Down Payment Assistance • Freddie Mac has a summary on down payment assistance and closing cost options. • Lists information resources to search for sources in your area. Freddie Mac Home Possible and Home Possible Advantage 38
Slide 39: DownPayment Resource
DownPayment Resource ® https://downpaymentresource.com/ Freddie Mac Home Possible and Home Possible Advantage 39
Slide 40: Home Possible FAQs
Home Possible FAQs http://www.freddiemac.com/homepossible/home_possible_faq.html Freddie Mac Home Possible and Home Possible Advantage 40
Slide 41: Genworth Underwriting Guidelines
Genworth Underwriting Guidelines Freddie Mac Home Possible and Home Possible Advantage 41
Slide 42: Genworth Rate Express
Genworth Rate Express® Freddie Mac Home Possible and Home Possible Advantage 42
Slide 43: Genworth Rate Express - Reminder
Genworth Rate Express® - Reminder Freddie Mac Home Possible and Home Possible Advantage 43
Slide 44: LOS Connections
LOS Connections Freddie Mac Home Possible and Home Possible Advantage 44
Slide 45: Training Tools and Information
Training Tools and Information Freddie Mac Home Possible and Home Possible Advantage 45
Slide 46: Training Tools and Information
Training Tools and Information Freddie Mac Home Possible and Home Possible Advantage 46
Slide 47: Additional MI Site Information
Additional MI Site Information Freddie Mac Home Possible and Home Possible Advantage 47
Slide 48: Your Genworth Resources
Your Genworth Resources ➢ ActionCenter®: 800 444.5664 ➢ Your Local Genworth Regional Underwriter ➢ Your Genworth Sales Representative Freddie Mac Home Possible and Home Possible Advantage 48
Slide 49: 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