Mortgage insurance premium options are being expanded on high loan-to-value transactions at Radian Guaranty Inc. In addition, the mortgage insurer is enhancing it non-agency jumbo program.
Single-premium rates are being made available for borrower-paid and lender-paid premiums on mortgages with LTV ratios from 95.01 percent to 97.00 percent.
The update is subject to regulatory approval.
Radian eBulletin 2012-3 also indicated that the maximum loan amount at a 90 percent LTV ratio is being increased to $850,000 on the mortgage insurance company’s delegated-only non-agency jumbo loan program,. The maximum debt-to-income ratio is 41 percent at the higher loan amount, though the DTI ratio can go as high as 45 percent if the loan amount doesn’t exceed $650,000.
If the loan amount is no more than $750,000, the DTI can run up to 45 percent so long as the LTV ratio doesn’t surpass 85 percent.
In any event, Radian said the minimum reserves are six months whenever the loan is greater than $650,000.
Another enhancement to the delegated-only non-agency jumbo program is the availability of 15-year balloon terms.
Radian’s web-based ordering and servicing system, MI Online, has been enhanced to enable users to set default fields for online applications.
“After 12 new application submissions, MI Online will recommend defaults to you for fields where you consistently select the same criteria — helping you reduce data entry,” the bulletin stated. “Or to preset your user defaults, click the link for user defaults for MI from either the home page or order services page.”
The updates from the Philadelphia-based company go into effect on mortgage insurance applications received after July 22.
