Conventional Underwriting: Genworth Mortgage Insurance

Message from Genworth Mortgage Insurance:

Genworth Mortgage Insurance will make the following changes for all MI applications received on or after January 17, 2009.

These changes supersede previously issued Genworth-approved program exceptions and apply regardless of submission channel (including EXCEL® and EasySubmit®) or Automated Underwriting System (AUS) recommendation or decision.

Loans originated by a Broker Third Party Mortgage Originator will be subject to the following Third Party Originated Lending Restrictions in addition to our standard guidelines:
• Maximum Loan to Value = 90%
• Minimum Credit Score = 720
• Occupancy = Primary Residence Only
• Purpose = Purchase
• Property Type = 1 Unit - Single Family Dwelling, Manufactured Home, Condominium, or Co-op Unit
• Ineligible in Declining/Distressed Markets

We, Genworth, define a Broker Third Party Origination as a loan for which any of the loan origination or processing functions, including taking the loan application and ordering documents, processing and for which all underwriting and final loan approval are performed by an entity other than the entity closing, funding or ordering the MI (the Insured).

We, Genworth, will be updating our online application to facilitate the identification of loans originated by a third party.

Genworth's Underwriting Guidelines will be updated to include these changes and will be posted to our website at mortgageinsurance.genworth.com by January 17, 2009. Please distribute this information to the appropriate contacts within your organization.

Contact your Genworth representative or the ActionCenter® at 800 444.5664 for additional information.