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Genworth Eases M.I. Requirements

Updates to Genworth U.S. Mortgage Insurance guidelines impact jumbo loan amounts, minimum credit scores and maximum debt-to-income ratios.

For manually underwritten mortgages with LTV ratios up to 95 percent, the maximum loan amount is being raised to $650,000 from $625,500.

In addition, the minimum credit score is being lowered to 700
from 720, and the maximum DTI ratio is being increased to 45 percent from 41 percent.

The Raleigh, N.C.-based company outlined the changes in Announcement 2015-1.

On manually underwritten transactions with LTV ratios up to 90 percent and loan amounts up to $850,000, Genworth said
minimum credit scores will now be 700, and maximum DTI ratios will be 45 percent.

The mortgage insurer noted that Simply Underwrite LTV ratios on construction-to-permanent transactions are being expanded to 97 percent from 95 percent.

In addition, investment properties, as well as three- and four-unit properties, will now be supported by the Simply Underwrite program — though
overlays for credit scores, DTI ratios and appraiser’s estimate of market rent will still apply.

Genworth said it will now consider credit scores supported by a combination of traditional and/or non-traditional credit references in addition to trade lines as valid credit scores, and a Genworth underwrite won’t be needed.

“Additionally, loans with an AUS decision other than DU Approve or LP Accept will no longer receive higher pricing,” the letter said.

The changes take effect on mortgage applications received today or later.

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