Enact Holdings, Inc. · NASDAQ:ACT
Enact — Investor Presentation (November 2018)
52 slides from Enact's investor presentation, November 2018
Slide 1: Freddie Mac's Home Possible Mortgage: An Overview
Freddie Mac’s Home Possible® Mortgage An Overview November 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 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 Overview and Benefits
Home Possible Overview and Benefits file:///C:/Users/213029011/Documents/home_possible_factsheet%20Effective%2010-29-2018.pdf Freddie Mac Home Possible Mortgage 3
Slide 4: Bulletin 2018-13
Bulletin 2018-13 Selling Updates – Consolidation of Home Possible and Home Possible Advantage® into a single offering, effective October 29, 2018 – Our presentation today presents the updated Home Possible Program and updated changes Freddie Mac Home Possible Mortgage 4
Slide 5: Home Possible Website
Home Possible Website http://www.freddiemac.com/homepossible/ Freddie Mac Home Possible Mortgage 5
Slide 6: Freddie Mac's Home Possible Mortgages
Freddie Mac’s Home Possible Mortgages Maximum LTV/TLTV/HTLTV ® – Underwriting Path: May be submitted to Loan Product Advisor or manually underwritten (except manufactured) – Follow guidelines that apply based on the type of underwrite you are doing (manual or using Loan Product Advisor as they can d
Slide 7: Freddie Mac's Home Possible Mortgages: Eligible Mortgages
Freddie Mac’s Home Possible Mortgages Eligible Mortgages* *See Freddie Mac Seller/Servicer Guide for list of Ineligible Mortgages Freddie Mac Home Possible Mortgage 7
Slide 8: Freddie Mac's Home Possible Mortgages: Eligible Property Types
Freddie Mac’s Home Possible Mortgages Eligible Property Types Freddie Mac Home Possible Mortgage 8
Slide 9: Freddie Mac's Home Possible Mortgages: Property Ownership
Freddie Mac’s Home Possible Mortgages Property Ownership: Permits ownership of other property without restrictions. Freddie Mac Home Possible Mortgage 9
Slide 10: Freddie Mac's Home Possible Mortgages: Minimum Borrower Contribution
Freddie Mac’s Home Possible Mortgages Minimum Borrower Contribution Freddie Mac Home Possible Mortgage 10
Slide 11: Freddie Mac's Home Possible Mortgages: Permitted Source of Funds
Freddie Mac’s Home Possible Mortgages Permitted Source of Funds Freddie Mac Home Possible Mortgage 11
Slide 12: Updates - Bulletin 2017-11
Updates - Bulletin 2017-11 – 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 funded through the
Slide 13: Freddie Mac's Home Possible Mortgages: Minimum Required Reserves
Freddie Mac’s Home Possible Mortgages Minimum Required Reserves Freddie Mac Home Possible Mortgage 13
Slide 14: Freddie Mac's Home Possible Mortgages: Secondary Financing
Freddie Mac’s Home Possible Mortgages Secondary Financing* * *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 (HE
Slide 15: Affordable Seconds Checklist
Affordable Seconds Checklist http://www.freddiemac.com/singlefamily/purchasemarket/docs/affordable_seconds_guidelines_factsheet.pdf Freddie Mac Home Possible Mortgage 15
Slide 16: Freddie Mac's Home Possible Mortgages: 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. – For Manuall
Slide 17: Freddie Mac's Home Possible Mortgages: 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 18: Freddie Mac's Home Possible Mortgages: Income Limits
Freddie Mac’s Home Possible Mortgages Home Possible Income Limits – The Borrower’s qualifying income converted to an annual basis must not exceed 100% of the area median income (AMI) for the location of the Mortgaged Premises. There is no income limit if the Mortgaged Premises is located in a low-in
Slide 19: Bulletin 2017-26
Bulletin 2017-26 Updated Policy! Freddie Mac Home Possible Mortgage 19
Slide 20: Income and Property Eligibility
Income and Property Eligibility http://www.freddiemac.com/homepossible/eligibility.html Freddie Mac Home Possible Mortgage 20
Slide 21: Check A Loan You Have In Your Pipeline
Check A Loan You Have In Your Pipeline Freddie Mac Home Possible Mortgage 21
Slide 22: Freddie Mac's Home Possible Mortgages: Minimum Credit Score Requirements
Freddie Mac’s Home Possible Mortgages Minimum Credit Score Requirements Freddie Mac Home Possible Mortgage 22
Slide 23: Borrowers Without A Credit Score
Borrowers Without A Credit Score Home Possible Only Freddie Mac Home Possible Mortgage 23
Slide 24: Borrowers Without A Credit Score
Borrowers Without A Credit Score Home Possible Only Freddie Mac Home Possible Mortgage 24
Slide 25: Freddie Mac's Home Possible Mortgages: Additional Special Underwriting Requirements
Freddie Mac’s Home Possible Mortgages Additional Special Underwriting Requirements Freddie Mac Home Possible Mortgage 25
Slide 26: Freddie Mac's Home Possible Mortgages: 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 26
Slide 27: Mortgage Insurance Requirements
Mortgage Insurance Requirements Reduced MI coverage required for 95% and 97% LTV loans - 25% coverage required Freddie Mac Home Possible Mortgage 27
Slide 28: 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 Mortgage 28
Slide 29: Freddie Mac Postsettlement Delivery Fees
Freddie Mac Postsettlement Delivery Fees Freddie Mac Home Possible Mortgage 29
Slide 30: Freddie Mac Postsettlement Delivery Fees
Freddie Mac Postsettlement Delivery Fees VS Home Possible 97% vs HomeOne MortgageSM 97% - Both with Credit Score of 680 Freddie Mac Home Possible Mortgage 30
Slide 31: Home Possible Education Requirements
Home Possible Education Requirements Homebuyer Education Purchase Transaction – When all occupying borrowers are **First-Time Homebuyers, at least one occupying Borrower must participate in a homeownership education program before the Note Date, or the Effective Date of Permanent Financing for Const
Slide 32: 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 33: 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 34: CreditSmart tutorial link
http://www.freddiemac.com/creditsmart/tutorial.html Freddie Mac Home Possible Mortgage 34
Slide 35: Genworth website link
https://new.mi.genworth.com/ Freddie Mac Home Possible Mortgage 35
Slide 36: Genworth website link
https://new.mi.genworth.com/ Freddie Mac Home Possible Mortgage 36
Slide 37: 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 38: Standard Program vs. Home Possible
Standard Program vs. Home Possible 1 unit 95% LTV Owner Occupied $23.34 Monthly Savings Purchase *$2,500 Savings Primary Residence 97% LTV No Delivery fees for borrower with Fixed Rate credit score of 680 or greater and LTV Non-manufactured property greater than 80% which results in Credit score of
Slide 39: Home Possible Marketing Materials
Home Possible Marketing Materials http://www.freddiemac.com/homepossible/ Freddie Mac Home Possible Mortgage 39
Slide 40: Home Possible Website
Home Possible Website http://www.freddiemac.com/homepossible/ Freddie Mac Home Possible Mortgage 40
Slide 41: 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 Mortgage 41
Slide 42: Down Payment Resource
® Down Payment Resource https://downpaymentresource.com/ Freddie Mac Home Possible Mortgage 42
Slide 43: Home Possible FAQs
Home Possible FAQs http://www.freddiemac.com/homepossible/home_possible_faq.html Freddie Mac Home Possible Mortgage 43
Slide 44: Genworth Underwriting Guidelines
Genworth Underwriting Guidelines Freddie Mac Home Possible Mortgage 44
Slide 45: Genworth Rate Express
Genworth Rate Express Freddie Mac Home Possible Mortgage 45
Slide 46: Genworth Rate Express - Reminder
Genworth Rate Express - Reminder Freddie Mac Home Possible Mortgage 46
Slide 47: LOS Connections
LOS Connections Freddie Mac Home Possible Mortgage 47
Slide 48: Training Tools and Information
Training Tools and Information Freddie Mac Home Possible Mortgage 48
Slide 49: Training Tools and Information
Training Tools and Information Freddie Mac Home Possible Mortgage 49
Slide 50: Additional MI Site Information
Additional MI Site Information Freddie Mac Home Possible Mortgage 50
Slide 51: Your Genworth Resources
Your YourGenworth GenworthResources Resources ➢ ActionCenter®: 800 444.5664 ➢ Your Local Genworth Regional Underwriter ➢ Your Genworth Sales Representative Freddie Mac Home Possible Mortgage 51
Slide 52: 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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