Mortgage Guaranty Insurance Corporation (MGIC) has announced 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, 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 VP 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.