Enact Holdings, Inc. · NASDAQ:ACT
Enact — Investor Presentation (June 2020)
122 slides from Enact's investor presentation, Jun 17, 2020
Slide 1: Understanding Loan Product Advisor - Advanced Guidelines and Updates
Understanding Loan Product Advisor® - Advanced Guidelines and Updates June 17, 2020 Customer Education Brought to you by: Genworth Customer Development and Process Consulting ©2019 Genworth Financial, Inc. All rights reserved.
Slide 2: Agenda
Agenda Loan Product Advisor – Resources – Recent Updates – Data Integrity Reminders – Documentation Matrix – Help Tools and Training – Genworth Mortgage Insurance Today’s Session Covers Conventional Loans Only Advanced Loan Product Advisor 1
Slide 3: Freddie Mac Updates - Where To Get Them
Freddie Mac Updates - Where To Get Them Freddie Mac’s Website – http://www.freddiemac.com/loanadvisorsuite/ – Single Family News – Pending Loan Product Advisor Enhancements – Subscription Center – Links to www.freddiemac.com – Learning Center Advanced Loan Product Advisor 2
Slide 4: www.FreddieMac.com
www.FreddieMac.com Advanced Loan Product Advisor 3
Slide 5: Freddie Mac Seller Servicer Guide
Freddie Mac Seller Servicer Guide Advanced Loan Product Advisor 4
Slide 6: Freddie Mac Communications
Freddie Mac Communications Bulletins Advanced Loan Product Advisor 5
Slide 7: Joint Enterprise Credit Score Solicitation link
https://www.fhfa.gov/Media/PublicAffairs/Pages/Fannie-Mae-and-Freddie-Mac-Publish-Joint-Enterprise- Credit-Score-Solicitation.aspx Advanced Loan Product Advisor 6
Slide 8: Freddie Mac CreditSmart courses link
https://sf.freddiemac.com/working-with- us/creditsmart/courses?utm_source=eloqua&utm_medium=email&utm_campaign=2020-02-16_AFFORD_INFO_ Advanced Loan Product Advisor 7
Slide 9: Freddie Mac COVID-19 page
https://sf.freddiemac.com/about/covid19 Freddie Mac COVID 19 Updates 8
Slide 10: Bulletin 2020-14
Bulletin 2020-14 EXTENSION OF TEMPORARY CHANGES FROM PREVIOUS BULLETINS We are extending the temporary requirements and flexibilities that were effective for Mortgages with Application Received Dates through May 17, 2020 to Mortgages with Application Received Dates through July 31, 2020 for the foll
Slide 11: Bulletin 2020-5
Bulletin 2020-5 Guidance Related to Covid-19 https://guide.freddiemac.com/app/guide/content/a_id/1003723 Freddie Mac COVID 19 Updates 10
Slide 12: Bulletin 2020-5
Bulletin 2020-5 The temporary flexibilities are effective immediately for all Mortgages in process and remain in place for Mortgages with Applications Received on or before July 31, 2020. Credit Underwriting: – Employed Income – 10-day pre-closing verification (PCV), Sellers may obtain one of the fo
Slide 13: Bulletin 2020-5
Bulletin 2020-5 The temporary flexibilities are effective immediately for all Mortgages in process and remain in place for Mortgages with Applications Received on or before May 17, 2020 to Mortgages with Application Received Dates through July 31, 2020. Credit Underwriting: – Continuance of Income •
Slide 14: Bulletin 2020-5
Bulletin 2020-5 The temporary flexibilities are effective immediately for all Mortgages in process and remain in place for Mortgages with Applications Received on or before July 31, 2020. Appraisal Flexibilities Include: – Temporary appraisal requirement flexibilities: Allowing exterior-only inspect
Slide 15: Bulletin 2020-5
Bulletin 2020-5 The temporary flexibilities are effective immediately for all Mortgages in process and remain in place for Mortgages Applications Received on or before May 17,2020 to Mortgages with Application Received Dates through July 31,2020 Appraisal Flexibilities Include: – Appraisal waivers:
Slide 16: Bulletin 2020-5
Bulletin 2020-5 The temporary flexibilities are effective immediately for all Mortgages in process and remain in place for Mortgages with Applications Received on or before July 31, 2020. Appraisal Flexibilities: Freddie Mac COVID 19 Updates 15
Slide 17: Bulletin 2020-8
Bulletin 2020-8 Guidance Related to Covid-19 https://guide.freddiemac.com/app/guide/bulletin/2020-8 Freddie Mac COVID 19 Updates 16
Slide 18: Bulletin 2020-8
Bulletin 2020-8 The temporary credit underwriting requirements below are effective for Mortgages with Application Received Dates on or after April 14, 2020, and remain in place for Mortgages with Application Received Dates on or before July 31, 2020; however, Sellers are encouraged to apply these up
Slide 19: Bulletin 2020-8
Bulletin 2020-8 The temporary credit underwriting requirements below are effective for Mortgages with Application Received Dates on or after April 14, 2020, and remain in place for Mortgages with Application Received Dates on or before July 31, 2020; however, Sellers are encouraged to apply these up
Slide 20: Bulletin 2020-8
Bulletin 2020-8 The temporary credit underwriting requirements below are effective for Mortgages with Application Received Dates on or after April 14, 2020, and remain in place for Mortgages with Application Received Dates on or before July 31, 2020; however, Sellers are encouraged to apply these up
Slide 21: Bulletin 2020-8
Bulletin 2020-8 The temporary credit underwriting requirements below are effective for Mortgages with Application Received Dates on or after April 14, 2020, and remain in place for Mortgages with Application Received Dates on or before July 31, 2020; however, Sellers are encouraged to apply these up
Slide 22: 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 July 31, 2020 Appraisal Flexibilities Include: – For new construction properties, where the appraisal was completed “subject to
Slide 23: 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 July 31, 2020 Appraisal Flexibilities Include: – For new construction properties, where the appraisal was completed “subject to
Slide 24: Freddie Mac Training
Freddie Mac Training https://learn.freddiemaclearning.com/Saba/Web_spf/NA3P1PRD0123/guest/ledetail/cours000000000008862 Freddie Mac COVID 19 Updates 23
Slide 25: 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 July 31, 2020. Appraisal Flexibilities Include: CHOICERENOVATIONSM MORTGAGES In the event a Seller has determined the construct
Slide 26: 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 July 31, 2020. Flexibilities GREENCHOICE MORTGAGESSM In connection with GREENChoice MortgagesSM, Freddie Mac will permit the fo
Slide 27: Freddie Mac Bulletin 2020-8
Freddie Mac Bulletin 2020-8 – Additional Guidance Includes: Freddie Mac COVID 19 Updates 26
Slide 28: COVID-19 Update - Bulletin 2020-11
COVID-19 Update- Bulletin 2020-11 Additional Guidance Related to Covid-19 Highlights from the Bulletin will be addressed- please review the Bulletin for complete communication https://guide.freddiemac.com/app/guide/bulletin/2020-11 Freddie Mac COVID 19 Updates 27
Slide 29: 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 July 31, 2020. Condominium Project Reviews: Freddie Mac is offering temporary flexibilities and guidance to assist Sellers in
Slide 30: 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 July 31, 2020. Appraisal Flexibilities Include: Map reference field for desktop and exterior-only appraisals Freddie Mac is cl
Slide 31: 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 July 31, 2020. Appraisal Flexibilities Include: Property Valuations – appraisal flexibilities for new construction properties
Slide 32: 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 July 31, 2020. Appraisal Flexibilities Include: Loan Product Advisor® – update to identify Freddie Mac-owned Mortgages Loan Pr
Slide 33: 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 July 31, 2020. Appraisal Flexibilities Include: Delivery Instructions Beginning on April 13, 2020, for Mortgages with property
Slide 34: 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 July 31, 2020. Appraisal Flexibilities Include: Virtual Inspections for Appraisals Appraisers may use virtual inspection metho
Slide 35: 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 July 31, 2020. Appraisal Flexibilities Include: CHOICERenovation℠ Mortgages In connection with CHOICERenovation℠ Mortgages wit
Slide 36: Bulletin 2020-14
Bulletin 2020-14 This Bulletin provides: Temporary requirements related to: – Mortgage purchase eligibility – Self reporting requirements for mortgages in COVID 19 related forbearance Extension of certain previously announced temporary requirements Additional guidance and reminders including those r
Slide 37: Bulletin 2020-14
Bulletin 2020-14 TEMPORARY CHANGES- Mortgage purchase eligibility The temporary requirements below are effective immediately and will remain in place until further notice. We are temporarily revising our Mortgage eligibility requirements to limit our purchase of Mortgages to those with Settlement Da
Slide 38: Bulletin 2020-14
Now July 31, Bulletin 2020-14 2020 EXTENSION OF TEMPORARY CHANGES FROM PREVIOUS BULLETINS We are extending the temporary requirements and flexibilities that were effective for Mortgages with Application Received Dates through May 17, 2020 to Mortgages with Application Received Dates through June 30,
Slide 39: Bulletin 2020-14
Bulletin 2020-14 The temporary flexibilities are in effect for all Mortgages in process and remain in place for Mortgages with Applications Received on or before July 31, 2020. GUIDANCE AND REMINDERS Furloughs and layoffs Freddie Mac provides requirements for income while on temporary leave in Secti
Slide 40: Bulletin 2020-14
Bulletin 2020-14 The temporary flexibilities are in effect for all Mortgages in process and remain in place for Mortgages with Applications Received on or before July 31, 2020. Unemployment compensation While we recognize that many individuals have become eligible for assistance and compensation ava
Slide 41: Bulletin 2020-14
Bulletin 2020-14 The temporary flexibilities are in effect for all Mortgages in process and remain in place for Mortgages with Applications Received on or before July 31, 2020. Automated income assessment with Loan Product Advisor® using tax return data To align with the IRS federal tax filing exten
Slide 42: Bulletin 2020-14
Bulletin 2020-14 Loan Product Advisor update to identify Freddie Mac-owned Mortgages Loan Product Advisor has been enhanced to assist Sellers with identifying if a Mortgage being refinanced is owned by Freddie Mac, effective for submissions to Loan Product Advisor on and after April 27, 2020. This e
Slide 43: Bulletin 2020-17
Bulletin 2020-17 Bulletin Highlights include: Temporary purchase and refinance eligibility requirements for borrowers with existing mortgages Update to the representation and warranty framework requirements related to mortgages subject to forbearance agreements Extension of temporary requireme
Slide 44: Bulletin 2020-17
Bulletin 2020-17 TEMPORARY PURCHASE AND REFINANCE ELIGIBILITY REQUIREMENTS FOR BORROWERS WITH EXISTING MORTGAGES These temporary requirements are effective for Mortgages with Application Received on and after June 2, 2020 and until further notice. It is encouraged to implement these requirements to
Slide 45: Bulletin 2020-17
Bulletin 2020-17 TEMPORARY PURCHASE AND REFINANCE ELIGIBILITY REQUIREMENTS FOR BORROWERS WITH EXISTING MORTGAGES These temporary requirements are effective for Mortgages with Application Received on and after June 2, 2020 and until further notice. It is encouraged to implement these requirements to
Slide 46: Bulletin 2020-17
Bulletin 2020-17 TEMPORARY PURCHASE AND REFINANCE ELIGIBILITY REQUIREMENTS FOR BORROWERS WITH EXISTING MORTGAGES These temporary requirements are effective for Mortgages with Application Received on and after June 2, 2020 and until further notice. It is encouraged to implement these requirements to
Slide 47: Bulletin 2020-19
Bulletin 2020-19 Updates to COVID-19 impact on originations: Temporary requirements and guidance for self-employed income Temporary flexibilities for CHOICERenovation® Mortgages Delivery requirements for “no cash-out” refinance mortgages Data requirements for mortgages that are in COVID-19 f
Slide 48: 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. Due to the pandemic’s continuing impact on businesses throughout the country,
Slide 49: 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. Reviewing YTD P&L statements, business account statements and other documenta
Slide 50: 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. Establishing Stable Monthly Income The Seller must review the YTD profit and
Slide 51: 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. Establishing Stable Monthly Income- continued The Seller must establish the
Slide 52: 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. Establishing Stable Monthly Income- continued https://guide.freddiemac.com/ap
Slide 53: 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. Business Assets Loan proceeds from the SBA Payroll Protection Plan (PPP) and/
Slide 54: 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 55: 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 56: Bulletin 2020-23
Bulletin 2020-23 This Bulletin provides updates regarding certain temporary COVID-19-related requirements and flexibilities announced in previous Bulletins, including: The extension of the effective dates for previously announced temporary requirements and flexibilities The extension of the effe
Slide 57: Mortgages in forbearance Credit Fees in Price
Mortgages in forbearance Credit Fees in Price https://sf.freddiemac.com/articles/news/fee-assessments-for-selling-mortgages-in-covid-19-related- forbearance Freddie Mac COVID 19 Updates 56
Slide 58: COVID FAQ's
COVID 19 FAQ’s https://sf.freddiemac.com/content/_assets/resources/pdf/faq/covid-19-selling-related-frequently-asked- questions.pdf Freddie Mac COVID 19 Updates 57
Slide 59: Bulletin 2020-13
Bulletin 2020-13 Selling Updates Highlights include the following: Updates to previously announced changes to income requirements SOFR ARM underwriting requirement changes Updates to eMortgage eligibility requirements for eClosing an eNote vault systems Other miscellaneous updates https://gu
Slide 60: Bulletin 2020-12
Bulletin 2020-12 Selling Updates This Guide Bulletin provides requirements for Mortgages in forbearance as defined below, including: Reminder of general ineligibility of Mortgages in forbearance Temporary requirements for the purchase of Mortgages in forbearance Reminders related to Seller rep
Slide 61: Bulletin 2020-09
Bulletin 2020-09 Selling Updates Freddie Mac released the attached Bulletin supporting the LIBOR transition to SOFR. In summary, the Bulleting covers: Eligibility, underwriting and delivery requirements for SOFR- indexed ARMs Availability of new ARM Notes and riders specific to the SOFR ARM offe
Slide 62: Bulletin 2020-01
Bulletin 2020-01 Selling Updates Highlights include the following: Updated ARM Notes and Riders LIBOR ARMs will be retired by the end of 202 Anticipate delivery of SOFR ARMs to begin in second half of 2020 Future retirement of CMT (constant maturity Treasury securities) at some point in 2020
Slide 63: Bulletin 2020-01
Bulletin 2020-01 Selling Updates Highlights include the following: Evidence of Gift Funds (Effective 5/4) Extending mandatory date for previously announced income requirements updates to 7/2/2020 Updates to manufacturer’s specifications for ChoiceHome (Effective 3/1/2020) Taxpayer First Act
Slide 64: Loan Product Advisor Documentation Matrix
Loan Product Advisor Documentation Matrix Tool to help document files https://sf.freddiemac.com/content/_assets/resources/pdf/update/docmatrix.pdf Advanced Loan Product Advisor 63
Slide 65: Freddie Mac Rental Income Matrix
Freddie Mac Rental Income Matrix Tool to help document files https://sf.freddiemac.com/content/_assets/resources/pdf/update/rental.pdf Advanced Loan Product Advisor 64
Slide 66: Loan Product Advisor Feedback Certificate
Loan Product Advisor Feedback Certificate Advanced Loan Product Advisor 65
Slide 67: Validate Mortgage Information
Validate Mortgage Information Advanced Loan Product Advisor 66
Slide 68: Feedback Certificate
Feedback Certificate http://www.freddiemac.com/help/lpa_tool/feedback_certificate_page.html Advanced Loan Product Advisor 67
Slide 69: Feedback Certificate
Feedback Certificate http://www.freddiemac.com/help/lpa_tool/feedback_certificate_page.html Advanced Loan Product Advisor 68
Slide 70: Feedback Certificate
Feedback Certificate http://www.freddiemac.com/help/lpa_tool/feedback_certificate_page.html Advanced Loan Product Advisor 69
Slide 71: Income And Ratio Information
Income And Ratio Information Validate Liabilities From Your LOS To Loan Product Advisor; Do Ratios Match? What Liabilities Must Be Included? Advanced Loan Product Advisor 70
Slide 72: Number of Submissions
Number of Submissions You Must Always Validate/Underwrite To The Most Recent Loan Product Advisor Submission Advanced Loan Product Advisor 71
Slide 73: Feedback Summary - # of Messages
Feedback Summary - # of Messages Let’s Start With The Employment And Income Messages Advanced Loan Product Advisor 72
Slide 74: Income/Employment Messages
Income/Employment Messages • Documentation “Level” determines the documentation required – Note: Many messages say “if”, so they apply only “if”…. See temporary COVID 19 guidelines for age of documents Advanced Loan Product Advisor 73
Slide 75: Capacity: Freddie Mac
Capacity: Freddie Mac Employed Income Types Primary – Borrower’s primary source of employed income Secondary – Second job, part-time job or multiple jobs Additional Primary – Commissions – Bonus – Overtime Additional – Tips Secondary – Auto allowance – Mortgage differential – Military entitlements –
Slide 76: Income
Income Advanced Loan Product Advisor 75
Slide 77: Capacity: Self-Employed Income
Capacity: Self-Employed Income Freddie Mac Income Calculations – Updated Form 91 Income Calculations Form • Genworth posted updated Form 91 at mi.genworth.com – Revised documentation requirements • Two years tax returns for businesses in existence less than five years • One year tax return for busin
Slide 78: See temporary COVID guidelines
*See temporary COVID 19 guidelines Advanced Loan Product Advisor 77
Slide 79: See temporary COVID guidelines
*See temporary COVID 19 guidelines Advanced Loan Product Advisor 78
Slide 80: Assets and Reserves
Assets and Reserves • Read All Messages Advanced Loan Product Advisor 79
Slide 81: Asset Documentation Requirements
Asset Documentation Requirements Freddie Mac Documentation Requirements. Asset account statements must: – Identify the financial institution – Identify the account owner – Identify the account number, which at a minimum must include the last four digits – Identify the account type – Show all transac
Slide 82: Asset Documentation Requirements
Asset Documentation Requirements Freddie Mac Documentation Requirements. Direct verification sources must: – Identify the financial institution – Identify the account owner – Identify the account number, which at a minimum must include the last four digits – Identify the account type – Identify the
Slide 83: Proof of Liquidation Example
*Proof of Liquidation Example Applicable for loans submitted to Loan Product Advisor and manually underwritten loans; Applies to – Stocks, Bonds, Mutual funds, U.S. government Securities, retirement accounts and other securities needed for closing Answer is proof of liquidation of the non-liquid ass
Slide 84: Gift Funds - Documentation Requirement
Gift Funds - Documentation Requirement Gifts must be evidenced by a letter signed by the donor, called a gift letter. The gift letter must: – specify the dollar amount of the gift; – specify the date the funds were transferred; – include the donor’s statement that no repayment is expected; and – ind
Slide 85: Gift Funds - Availability & Transfer of Funds
Gift Funds - Availability & Transfer of Funds The lender must verify that sufficient funds to cover the gift are either in the donor’s account or have been transferred to the borrower’s account. Acceptable documentation includes the following: – a copy of the donor’s check and the borrower’s deposit
Slide 86: Gift Funds
Gift Funds https://guide.freddiemac.com/app/guide/bulletin/2020- 1?utm_source=eloqua&utm_medium=email&utm_campaign=2020-02-05_POLICY_INFO Advanced Loan Product Advisor 85
Slide 87: Freddie Mac Required Reserves
Freddie Mac Required Reserves http://www.freddiemac.com/learn/pdfs/uw/reserves.pdf Advanced Loan Product Advisor 86
Slide 88: Freddie Mac Required Reserves
Freddie Mac Required Reserves http://www.freddiemac.com/learn/pdfs/uw/reserves.pdf Advanced Loan Product Advisor 87
Slide 89: Credit and Liabilities Messages
Credit and Liabilities Messages Read! Guidance when no payment is listed or liability is not on the credit report; option to verify funds to pay off open ended accounts Advanced Loan Product Advisor 88
Slide 90: PITI
PITI Effective for Mortgages with Settlement Dates on and after January 2, 2020 We are updating the Guide to require that flood insurance and special assessments with more than 10 monthly payments remaining be included in the monthly housing expense-to-income ratio for the subject property and in th
Slide 91: Liabilities
Liabilities Revolving: Indicate both the balance and monthly payment on all revolving accounts. Do not “omit” the debt even when 10 or fewer payments remain. These payments should always be included in the applicant’s debt ratio. 30-Day Charge: Monthly payments on open-end accounts are not required
Slide 92: Liabilities
Liabilities Student Loans: Indicate both the balance and monthly payment on all student loans. – All student loans in repayment, forbearance or deferment • If the payment amount is greater than zero, use the payment reported on the credit report or other documentation, or • If the monthly payment am
Slide 93: Liabilities
Liabilities Effective for Mortgages with Settlement Dates on and after January 2, 2020 Currently, Sellers may exclude a Borrower’s monthly student loan payment from the DTI ratio if: – The monthly payment may be excluded from the DTI provided the documentation in the file indicates • The loan has 10
Slide 94: Liabilities
Liabilities Leases: Indicate both the balance and monthly payment on all leases. Do not “omit” the debt even when 10 or fewer payments remain. Lease payments should always be included in the applicant’s debt ratio. Advanced Loan Product Advisor 93
Slide 95: Other Liabilities
Other Liabilities Child Support: Indicate both the balance and monthly payment on all support accounts. If less than 10 payments remain, the payment should not be included in the applicant’s debt ratio. Alimony: Must be deducted from the monthly income. Advanced Loan Product Advisor 94
Slide 96: Excluding Contingent Liabilities From DTI
Excluding Contingent Liabilities From DTI Page 29 of Matrix http://www.freddiemac.com/learn/pdfs/uw/docmatrix.pdf Advanced Loan Product Advisor 95
Slide 97: Total Monthly Debt
Total Monthly Debt https://sf.freddiemac.com/content/_assets/resources/pdf/fact-sheet/conv_lp_liabilities.pdf Advanced Loan Product Advisor 96
Slide 98: Property and Appraisal
Property and Appraisal See temporary COVID 19 guidelines for appraisal flexibilities Advanced Loan Product Advisor 97
Slide 99: Property Eligibility Requirements
Property Eligibility Requirements https://sf.freddiemac.com/content/_assets/resources/pdf/fact-sheet/crwr_prod.pdf Advanced Loan Product Advisor 98
Slide 100: Loan Collateral Advisor
Loan Collateral Advisor® https://sf.freddiemac.com/faqs/loan-collateral-advisor-faq Advanced Loan Product Advisor 99
Slide 101: Loan Collateral Advisor
Loan Collateral Advisor Simplified Risk Scoring System – Scale of 1-5 provided in .5 increments, with one representing the lowest valuation risk score. This score is found in Loan Collateral Advisor and does not print on the feedback certificate – Eligible Mortgages with LTV/TLTV/HTLTV ratios < or =
Slide 102: Automated Collateral Evaluation (ACE)
Automated Collateral Evaluation (ACE) – Must receive “feedback message transaction is eligible for appraisal waiver” and be “Accept/Eligible” for LPA – Transaction must be: – 1 unit primary or second home including condos – LTV/TLTV 80% or less – No cash-out refinance – Feedback must indicate eligib
Slide 103: General Messages
General Messages Advanced Loan Product Advisor 10 2
Slide 104: Home Possible Overview and Benefits
Home Possible Overview and Benefits http://www.freddiemac.com/singlefamily/factsheets/sell/pdf/home_possible_factsheet.pdf Advanced Loan Product Advisor 10 3
Slide 105: 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 Affordable Seconds® – Single Family, 2-4 unit properties, condos, manufactured homes – Borrower
Slide 106: Home Possible Quick Facts
Home Possible Quick Facts Simple income eligibility – Low Income where median income at or below 80% of the AMI • No income limit – Low Income property locations • 100% of area median income – Easy to Use Income Eligibility Tool • Home Possible Income and Property Eligibility Tool Advanced Loan Prod
Slide 107: Freddie Mac Credit Fees in Price
Freddie Mac Credit Fees in Price https://guide.freddiemac.com/ci/okcsFattach/get/1001717_5 Advanced Loan Product Advisor 106
Slide 108: Mortgage Insurance Requirements
Mortgage Insurance Requirements Advanced Loan Product Advisor 10 7
Slide 109: The Checklist - Use It!
The Checklist - Use It! Advanced Loan Product Advisor 10 8
Slide 110: Read ALL Messages and Validate; Resubmit if Necessary
Read ALL Messages and Validate; Resubmit if Necessary Advanced Loan Product Advisor 10 9
Slide 111: Common Errors
Common Errors Double Check Your Data – Address information wrong – Property Type entered incorrectly (condo, but entered as single family) – HOA, Condo or PUD dues not included in DTI – Liabilities omitted without supporting documentation – Inquires not cleared as either a new account opened or no c
Slide 112: Always Remember
Always Remember A Few Reminders: –* Use FULL vested value of the borrower’s 401k, IRA, KEOGH, 403b or other IRS qualified plan as reserves IF borrower has access to the funds currently without restriction; Ensure loans taken are subtracted from the value of the asset account and that applicant is fu
Slide 113: Always Remember
Always Remember A Few Reminders: – If a revolving debt, open-ended accounts or deferred non-student loan do not show a payment on the credit report, you are required to use 5% of the balance, or obtain a copy of a statement evidencing lower payment. – For open-ended debt (AmEx O type accounts), veri
Slide 114: FAQ's
FAQ’s http://www.freddiemac.com/loanadvisorsuite/faq/loanproductadvisor.html Advanced Loan Product Advisor 11 3
Slide 115: Genworth Underwriting Guidelines
Genworth Underwriting Guidelines
Slide 116: Genworth Rate Express
Genworth Rate Express® NA & 800 444.5664 |G | Q SENWVOIL ae ry Mortgage Insurance 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! ttf,.: Quote Sweepstakes Resources
Slide 117: 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 118: Training Tools and Information
Training Tools and Information
Slide 119: Training Tools and Information
Training Tools and Information 11 8
Slide 120: Additional MI Site Information
Additional MI Site Information
Slide 121: Your Genworth Resources
Your Genworth Resources ActionCenter®: 800 444.5664 Your Local Genworth Regional Underwriter Your Genworth Sales Representative
Slide 122: 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