DS News

MortgagePoint September 2023

DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.

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September 2023 » thefivestar.com 29 September 2023 I N D U S T R Y U P D A T E text, including GIFs and emojis; » Ad Builder for Google and Facebook ad creation; and » Pipeline dashboard to organize the sales process. "From top to bottom, the entire Bonzo team is ecstatic about the sky-high potential we see on the horizon with MMI," Perkins said. "When you combine MMI's unrivaled LO, agent, and transaction data with Bonzo's superior marketing CRM experience, we're going to have lots of happy and efficient customers." ENACT ANNOUNCES NEW $100 MILLION SHARE REPURCHASE PROGRAM E nact Holdings, Inc. announced its Board of Directors has approved a new share repurchase program with authorization to purchase up to $100 million of its common stock. This new authoriza- tion is in addition to the company's current $75 million share repurchase program announced in November 2022, under which the Company repurchased approximately $71 million of shares of Enact common stock to date. "We are pleased that the Board has made the decision to expand our share repurchase program based on the continued strength of our capital position and confidence in our business and outlook," said Rohit Gupta, President and CEO of Enact. "We remain committed to our balanced capital allocation strategy and will continue to invest in our business, maintain a strong balance sheet, and return capital to shareholders." Enact's new share repurchase program authorizes the purchase of up to $100 million of the company's common stock utilizing a variety of methods, including open market purchases, and privately negotiated transac- tions, and may be made under Rule 10b5-1 trading plans, at such times and in such amounts as management deems appropri- ate. In support, Enact has entered into an agreement with Genworth Holdings, Inc. to repurchase its Enact shares on a pro rata basis as part of the program. The share re- purchase program is not expected to change Genworth's ownership interest in Enact post completion. Enact expects the timing and amount of any share repurchases will be oppor- tunistic and will depend on a variety of factors, including Enact's share price, capital availability, business and market conditions, regulatory requirements, and debt covenant restrictions. The program does not obligate Enact to acquire any amount of common stock, it may be suspended or terminated at any time at the Company's discretion without prior notice, and it does not have a specified expiration date. CBC MORTGAGE AGENCY ADDS USDA LOANS TO ITS OFFERINGS C BC Mortgage Agency (CBCMA), a Native American wholly-owned and federally chartered housing finance agency, has been approved by the U.S. De- partment of Agriculture (USDA) to provide 30-year mortgage loans for borrowers outside of urban and suburban areas. Because the USDA loan program offers 100% financing, CBCMA enables correspondent lenders to help low- to moderate-income families in rural areas achieve homeownership. "Our lending partners can now help eli- gible borrowers buy a home with no money down instead of having to scrape together their own funds or take out a second mort- gage for down payment assistance," CBC Mortgage Agency President Miki Adams said. "We are thrilled to receive USDA approval and expand our mission of helping under- served families achieve the American Dream and build wealth through home equity." USDA loans provide low- and moder- ate-income borrowers with "the opportunity to own adequate, modest, decent, safe, and sanitary dwellings as their primary residence in eligible rural areas," according to the agency. Up to 90% of the original principal amount of USDA-based 30-year notes are guaranteed by the agency. "This is an exciting new chapter in CBC- MA's growth," Adams said. "We look forward to working with correspondent lenders to provide housing help for those who need it most." "Our lending partners can now help eligible borrowers buy a home with no money down instead of having to scrape together their own funds or take out a second mortgage for down payment assistance." —Miki Adams, President, CBC Mortgage Agency

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