Get Your Mortgage Rate Quote in Just 30 Seconds

Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below.

Genworth Enhances Options on Construction Loans

Genworth Mortgage Insurance Corp. announced that it is expanding options for lenders on loans used to finance new home construction.

Genworth clients will have two options for activating mortgage insurance coverage on single-close construction-to-permanent loan transactions.

The mortgage insurer said that update is part of its “progressive effort to Simplify MI” that will make it easier for its customers to underwrite and close more loans.

The first option is to make coverage effective prior to the completion of the property as of the initial loan close date. In that case, the premium will be due when coverage is activated.

The second option is to make the coverage effective at the completion of the property. Insurance will go into effect as of the date that the loan converts to permanent financing.

The Raleigh, N.C.-based company outlined the updates in Announcement 2014-3.

The 12-month commitment term will remain for all construction-to-permanent loans.

The changes impact mortgage insurance applications received on or after June 9.

Genworth additionally noted that transactions determined to be ineligible by Loan Prospector can be submitted using its Simply Underwrite guidelines as long as the only reason for the ineligible response is the loan-to-value ratio.

Popular posts

7 Refinance Strategies
7 Refinance Strategies

Refinance to a lower interest rate: If interest rates have dropped since you took out your original mortgage, refinancing to a lower rate can help you save money on your monthly payments and reduce the overall cost of your loan. Refinance to a shorter loan term:...

7 Refinance Strategies
Is Refinancing With Your Present Lender Preferable?

Do Not Accept the First Refinancing Offer You Receive Homeowners should not accept the first refinancing rate provided to them. This is particularly important if you are applying with your existing lender. Some mortgage lenders have mechanisms in place that prioritize...


Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

Fannie Mae Profile

Fannie Mae Profile

Last Updated December 27, 2018 7:38 PM Central   full list | other directories | bank search | SEC...