Two pieces of news provide a flicker of hope amid the doom and gloom.
MILWAUKEE, Jan. 30, 2013 /PRNewswire/ -- Mortgage Guaranty Insurance Corporation (MGIC) announces a new, streamlined underwriting program for loans with a Fannie Mae Desktop Underwriter® Approve or Freddie Mac Loan Prospector® Accept response.
Under the new underwriting program, named MGIC Go!, MI loans that receive DU Approve or LP Accept responses and meet minimal overlays are automatically eligible for MGIC MI.
"MGIC Go! simplifies the process and fits into our customers' daily operations," Sal Miosi, MGIC Vice President of Marketing said. "MGIC Go! allows our company to insure quality loans by exercising its own judgment and underwriting criteria, while allowing our customers to take advantage of their existing underwriting processes."
The program, effective immediately, expands MGIC guidelines in certain areas with credit overlays and is available on all submissions options.
MGIC Go! is available to all MGIC customers with an active MGIC Master Policy. Program specifics including complete guidelines, can be found at MGIC's website, www.mgic.com.
About MGICMGIC (www.mgic.com), the principal subsidiary of MGIC Investment Corporation, is the nation's largest private mortgage insurer as measured by $164.9 billion primary insurance in force covering 1 million mortgages as of September 30, 2012. MGIC serves lenders throughout the United States, Puerto Rico, and other locations helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality.
Desktop Underwriter® and DU® are registered trademarks of Fannie Mae; Loan Prospector® and LP® are registered trademarks of Freddie Mac.
SOURCE MGIC Investment Corporation