January 13, 2012
Expanded Performance Premium Underwriting Eligibility - Effective February 13, 2012
Great news! United Guaranty is introducing an enhancement to Performance PremiumSM mortgage insurance eligibility effective for rate quote requests and mortgage insurance applications received on or after February 13, 2012.
The enhancement offers:
- An innovative approach to determining MI eligibility for each loan by using general underwriting requirements in combination with our automated risk tools. This approach provides eligibility for loans that are not eligible for United Guaranty mortgage insurance today!
- Expanded eligibility in the areas of loan-to-value ratios, loan amounts, and—particularly for full-file submissions—credit scores.
- Simplified underwriting requirements "grids." Instead of six separate grids, we'll have just two concise grids that provide general eligibility for all loan types and all GQXSM markets.
This enhancement does not change United Guaranty's Secure QuoteSM feature, or the 5 point DTI ratio and 10 point credit score variances available with Performance Premium. As with today, the DTI cannot be greater than 50% or the credit score lower than 620.
For more information, please contact your local United Guaranty Account Executive.