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MGIC Extends PreQual Periods, Adds Credit Tiers

Mortgage Guaranty Insurance Corp. has extended the amount of time its pre-qualifications are valid and enhanced its credit tiers.

One of the updates involves changes to the Milwaukee-based mortgage insurance company’s lender-paid single premium credit tiers.

MGIC said it re-segmenting its lender-paid singles’ credit tiers. It is breaking its less-than-680 credit score up into three separate tiers.

The three new tiers are 660 to 679, 640 to 659 and 620 to 639.

The changes were discussed in MGIC Bulletin Underwriting News #04 – 2014.

In addition, a 760-and-above tier is being added to the lender-paid singles tiers.

Subject to regulatory approval, the new tiers will be effective on mortgage insurance applications received on or after Sept. 2.

A potentially more significant change was made with pre-qualification approval periods.

MGIC said that the period for which PreQual Approvals are valid is being extended to 90 days.

The longer period applies to PreQual Approvals issued on or after Aug. 4.

Updates to a state regulatory status list will posted and provided beginning Aug. 11.

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