A new program at Mortgage Guaranty Insurance Corp. promises to automate the mortgage insurance process on agency mortgages.
MGIC this week unveiled a new streamlined underwriting program for loans with a Fannie Mae Desktop Underwriter Approve or a Freddie Mac Loan Prospector Accept response.
Dubbed MGIC Go!, automated agency approvals that meet minimal overlays are automatically eligible through the program.
The maximum debt-to-income ratio is 45 percent, according to MGIC Underwriting News #02 – 2013.
Primary residences can have loan-to-value ratios up to 97 percent, while maximum LTV ratios on second homes can’t exceed 90 percent.
The minimum credit score is 680 for LTV ratios more than 95 percent and 660 when the LTV doesn’t exceed 95 percent. Second home minimum credit scores are 660.
The Milwaukee-based company said that aggregate equity cashout is available up to $100,000 on refinances to cover closing costs and prepaids; payments to any other payee, including any subordinate lienholders; and cash back to the borrower.
MGIC Vice President of Marketing Sal Miosi said in a news release the program “simplifies the process and fits into our customers’ daily operations.” He explained that MGIC is able to exercise its own judgment and underwriting criteria while enabling originators to take advantage of existing underwriting processes.
MGIC Go! is immediately available.
