Enact Holdings, Inc. · NASDAQ:ACT

Enact — Investor Presentation (December 2019)

25 slides from Enact's investor presentation, December 2019

  1. Slide 1: Introduction to Fannie Mae's HomeStyle Renovation Mortgage

    Introduction to Fannie Mae’s: HomeStyle® Renovation Mortgage December 2019 NOTICE: This document contains confidential, non-public company information. Further distribution of this document is strictly prohibited. ©2019 Genworth Financial, Inc. All rights reserved. Company Confidential ©2019 Genwort

  2. Slide 2: HomeStyle Renovation Mortgage

    HomeStyle® Renovation Mortgage The HomeStyle Renovation mortgage provides a convenient and flexible way for borrowers considering home improvements to make repairs and renovations with a first mortgage, rather than a second mortgage, home equity line of credit, or other more costly methods of financ

  3. Slide 3: Loan Purpose

    Loan Purpose  Purchase  Limited Cash Out Refinance (LCOR) 2

  4. Slide 4: Loan Type/Term

    Loan Type/Term  15 and 30-year Fixed Rate Mortgage (FRM)  All Eligible Adjustable Rate Mortgage (ARM) Products 3

  5. Slide 5: Property and Renovation Eligibility

    Property and Renovation Eligibility  One- to Four-Unit Principle Residences, One-Unit Second Homes, or One-Unit Investment Properties.  Including units in condos, co-ops, and PUDs.  Manufactured Housing (MH) is Eligible, eligible funds capped at the lesser of $50,000 or 50% of the “as-completed”

  6. Slide 6: Underwriting

    Underwriting  Automated Underwriting with Desktop Underwriter (DU) or Manual Underwriting For properties underwritten Manually, Credit Score and other Factors will determine LTVs. Refer to Fannie Mae’s Eligibility Matrix 5

  7. Slide 7: Eligibility Matrix- Manual Underwriting

    Eligibility Matrix- Manual Underwriting https://www.fanniemae.com/content/eligibility_information/eligibility-matrix.pdf 6

  8. Slide 8: Calculating the LTV and Maximum Loan Amount

    Calculating the LTV and Maximum Loan Amount Purchase Transactions  Loan-To-Value (LTV) is based on the lessor of 1) Purchase Price and Cost of Renovation, or 2) the “As Completed” Appraised Value Refinance Transactions  LTV is determined by dividing the Original Loan Amount by the “As Completed” A

  9. Slide 9: HomeStyle Renovation Maximum Mortgage Worksheet – Form 1035

    HomeStyle® Renovation Maximum Mortgage Worksheet – Form 1035 https://www.fanniemae.com/content/guide_form/1035.pdf 8

  10. Slide 10: Maximum LTV's at Origination Using DU

    Maximum LTV’s at Origination Using DU  One-Unit Principle Residence to 97*% LTV/CLTV/HCLTV with FRM  Purchase Transactions with LTVs greater than 95% at least **one borrower must be a first-time buyer unless combined with HomeReady®  LCOR Transactions with LTVs greater than 95% the loan must be o

  11. Slide 11: Maximum LTV's at Origination Using DU

    Maximum LTV’s at Origination Using DU  One-Unit Second Homes to 90*% LTV/CLTV/HCLTV with FRM/ARM  One-Unit Investment Properties  Purchase Transactions up to 85% LTV/CLTV/HCLTV with FRM/ARM  LCOR up to 75% LTV/CLTV/HCLTV with FRM/ARM For properties underwritten Manually, Credit Score and other F

  12. Slide 12: Contractors

    Contractors  Borrower Must Choose A Contractor to Perform the Renovation  Contractors must be licensed only when required by state law.  Lender Must Review the Contractor’s Qualifications  Fannie Mae’s Contractor Profile Report Form 1202 may be used.  Borrowers Must have a Construction Contract

  13. Slide 13: Forms 1202 and 1204

    Forms 1202 and 1204 https://www.fanniemae.com/content/guide_form/1202.pdf https://www.fanniemae.com/content/guide_form/1204.pdf 12

  14. Slide 14: Borrower "Do-It-Yourself" Work

    Borrower “Do-It-Yourself” Work Borrowers Can Perform the Renovation Work Themselves At the Lenders Discretion, Provided That:  The Do-It-Yourself financing does Not exceed 10% of the as completed value.  The Property is a One-Unit Owner-Occupied Home, and is Not a MH.  The Reimbursement is Limite

  15. Slide 15: Renovation Costs and Reserves

    Renovation Costs and Reserves Lender May Advance Funds up to 50% of the Cost of Materials any time after closing to secure necessary supplies for the project. Renovation Costs May Include:  Labor and Materials  Soft Costs (architect fees, permits, licenses)  Contingency Reserve. Optional unless t

  16. Slide 16: HomeStyle Renovation FAQ's

    HomeStyle® Renovation FAQ’s https://www.fanniemae.com/content/faq/homestyle-renovation-faqs.pdf 15

  17. Slide 17: Mortgage Insurance

    Mortgage Insurance If Mortgage Insurance is required it must be in place before closing https://new-content.mortgageinsurance.genworth.com/documents/national/underwriting- guidelines/12659881.Underwriting.Manual.080519.pdf 16

  18. Slide 18: Genworth Rate Express

    Genworth Rate Express® mi.genworth.com 17

  19. Slide 19: Genworth Underwriting Guidelines

    Genworth Underwriting Guidelines mi.genworth.com 18

  20. Slide 20: LOS Connections

    LOS Connections mi.genworth.com 19

  21. Slide 21: Training Tools and Information

    Training Tools and Information mi.genworth.com 20

  22. Slide 22: Training Tools and Information

    Training Tools and Information mi.genworth.com 21

  23. Slide 23: Additional MI Site Information

    Additional MI Site Information mi.genworth.com 22

  24. Slide 24: Your Genworth Resources

    Your Genworth Resources  ActionCenter®: 800 444.5664  Your Local Genworth Regional Underwriter  Your Genworth Sales Representative 23

  25. Slide 25: 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

Enact Holdings — Investor Presentation (December 2019) on 6ix