RICHMOND, Va., Feb. 11, 2013 /PRNewswire/ -- Lenders now are able to offer simplified and expanded national mortgage underwriting guidelines that allow lower credit scores and eliminate nearly all geographic restrictions using new Simply Underwrite (SM) guidelines from Genworth U.S. Mortgage Insurance (USMI), a unit of Genworth Financial, Inc. (NYSE: GNW).
Genworth USMI's Simply Underwrite guidelines collapse several current sets of underwriting guidelines, based on institution type, origination channel and other factors, into one expanded national underwriting standard for loans approved by Desktop Underwriter® (DU) or Loan Prospector® (LP), the automated underwriting systems (AUS) of the Federal National Mortgage Association (Fannie Mae) or Federal Home Loan Mortgage Corporation (Freddie Mac), respectively.
"Simply Underwrite provides expanded guidelines that are easy for customers to understand and use, while maintaining prudent underwriting standards that allow us to appropriately manage risk," said John Clifford, senior vice president, commercial operations of Genworth USMI.
Simply Underwrite guidelines provide the same pricing, flexibility and ease of use to all Genworth USMI mortgage lender customers, from national mega-lenders to community banks and credit unions. The new guidelines allow loan originators and processors to quickly determine if a loan is eligible for mortgage insurance coverage from Genworth USMI.Eligible DU "Approve" and LP "Accept" loans that meet the Simply Underwrite eligibility grid can be insured with these simple overlays:
- Minimum borrower contribution of at least 3 percent from borrower's own funds;
- Full URAR appraisal or Fannie Mae Form 2055 exterior-only inspection;
- Verbal verification of employment obtained within 30 days prior to loan closing; and
- Condominium/cooperative Unit project approval considerations.