Genworth Expands Simply Underwrite Program

Genworth Expands Simply Underwrite Program

BY: HUGH MOORE

Genworth U.S. Mortgage Insurance (USMI) announced Monday that it will reduce rates and expand its Simply Underwrite program, which simplifies the underwriting process for customers that deliver loans through the automated underwriting systems of the GSEs.

The credit policy changes will more closely align Genworth’s approval process with the automated programs utilized by Fannie Mae and Freddie Mac. Loans of up to 97 percent loan-to-value that are approved by the GSEs will likely be approved for mortgage insurance under the expanded program.

“The expanded Simply Underwrite guidelines offer customers our most competitive and flexible rates and guidelines, making it easier for them to close more loans, faster,” said John Clifford, USMI’s senior vice president of commercial operations. “These adjustments allow lenders to offer affordable low down payment financing to creditworthy Americans to pursue their dream of homeownership.”

The new guidelines will take effect for mortgage insurance applications received on or after September 16, 2013. The Simply Underwrite program was introduced in February 2013 in an attempt to save lenders time and enhance their business.

 

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