This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Genworth U.S. Mortgage Insurance Introduces Simply Underwrite (SM), Providing One Expanded National Underwriting Standard For All Customers

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.

Genworth USMI also now offers one set of guidelines with increased flexibility for lenders who submit non-AUS loans.

The expanded Simply Underwrite guidelines, which allow Fair Isaac and Company (FICO) credit scores as low as 660 for most borrowers purchasing a home with a five percent down payment, will help lenders support the recovering housing market. The expanded guidelines also will remove geographic and property-type restrictions in all markets except for attached housing units in Florida, which still will require Genworth USMI to underwrite to determine eligibility for mortgage insurance coverage. The simplified guidelines also will allow debt-to-income ratios up to 45 percent. The guidelines apply to both retail and third-party originators.

Clifford said Genworth USMI will closely monitor the performance of loans under the new guidelines, but noted that loans from customer segments already using similar expanded guidelines have a history of good performance.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,113.54 +61.81 0.36%
S&P 500 1,983.53 +9.90 0.50%
NASDAQ 4,456.0160 +31.3120 0.71%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs