January 30, 2017
CA 2017-02 Underwriting Requirement Changes and New Underwriting Manual—Effective March 1, 2017
Effective March 1, 2017, Arch MI and United Guaranty will combine their underwriting requirements into a single Underwriting Manual (the Manual) to be used by all customers.
In comparison to United Guaranty’s current Guide, the new Manual will have expansions to the underwriting requirements in many areas. One underwriting requirement change requires a 30-day notice per the terms of the Master Policy. This document serves as that notice.
The following is a list of underwriting requirements being changed in the Underwriting Manual effective March 1, 2017:
Underwriting Requirement Expansions:
The following areas have underwriting requirement expansions (specific details will be described in a future customer announcement as we get closer to the effective date).
SwiftClose® and Standard Requirements:
- Credit requirements.
- Subordinate financing requirements.
- Property types allowed.
- Number of loans insured per borrower.
Additional Standard Requirements:
- Loan amounts for full-file submissions.
- LTV/Loan Amount/Credit Score/DTI requirements for delegated submissions.
- Jumbo loan requirements.
- Gifts used to satisfy minimum borrower contribution.
- Asset requirements.
- Valid credit score requirements.
- Occupancy requirements.
Underwriting Requirement Changes Requiring a 30-Day Notice:
- "Attorney" will no longer be an eligible profession under the Professional Program effective March 1, 2017.
Please contact your Arch MI Account Manager if you have questions about this announcement.
© 2017 Arch Mortgage Insurance Company. “Arch MI” is a marketing term for Arch Mortgage Insurance Company and Arch Mortgage Guaranty Company. “United Guaranty” is a marketing term for United Guaranty Residential Insurance Company and United Guaranty Mortgage Indemnity Company (coverage from United Guaranty is available through admitted company only). SecureCert is a registered mark. Desktop Underwriter and DU are marks of Fannie Mae.