Mortgage Guaranty Insurance Corporation (MGIC) has introduced a new, streamlined underwriting program for loans with a Fannie Mae Desktop Underwriter Approve or Freddie Mac Loan Prospector Accept response.
Effective immediately, the MGIC Go! program further expands the company guidelines in certain areas with credit overlays.
MI loans that meet minimal overlays and also receive DU Approve or LP Accept responses become automatically eligible for MGIC MI under the new underwriting program.
Commenting on the program, MGIC marketing vice president Sal Miosi said the program Is designed to simplify the process and also fits well into the customers' daily operations.
"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," Miosi added.
The program is available to all company customers with an active MGIC Master Policy on all submissions options.
MGIC is the primary subsidiary of MGIC Investment Corporation, and serves lenders across the US, Puerto Rico, and other locations, helping families with low-down-payment mortgages for homeowners.