Among other things, Genworth Mortgage Insurance has loosened loan-to-value ratios and jumbo guidelines on some programs.
On investment properties, the Raleigh, North Carolina-based company said that it has reduced its credit score requirements.
Genworth has expanded its mortgage insurance guidelines on loan amounts that are between $650,001 and $1 million.
Details about the changes are presented in
Announcement 2017–2.
Genworth said it will now do 97 percent LTV ratios for amounts to $650,000. The change is limited to one-unit single-family properties.
M.I. applications received on or after May 15 are impacted.
Updates announced by Fannie Mae and being supported by Genworth include simplified student debt payment calculations and exclusion of some debt paid by others from the debt-to-income ratio.
Pending state approval, split-premium borrower-paid M.I. rates on applications received on or after June 12 will no longer have adjusters for rate-term refinances or amounts greater than $424,000. Mortgages with amortization terms up to 20 years have new rates, and the number of credit score buckets has increased.
