Changes to Radian Guaranty Inc.’s guidelines include insuring a non-agency jumbo product offered by a unit of United Guaranty Corp.’s former parent.
The Philadelphia-based organization is expanding its guidelines on jumbo mortgages as high as $1 million that are secured by
primary residences.
The expansion includes increased loan-to-value ratios, according to the mortgage insurance company. It also includes more
easing in required FICO scores.
The changes were detailed in
Radian eBulletin #2017-1 issued Thursday.
Radian said that it will now insure
AIG’s Connective Jumbo program under its non-agency jumbo offering. The product is offered by AIG Investments, a subsidiary of American International Group Inc. — the former parent of United Guaranty.
On construction-to-permanent loans, the maximum LTV ratio has been increased to 97 percent. The expansion applies to One Underwrite automated underwriting system loans and manual underwriting where AUS is not required.
In addition, required FICO scores on manually underwritten construction-to-permanent loans have been lowered to 680 from 700.
Radian said AUS documentation waivers are eligible for its Medical Professional Program with loan amounts up to $850,000. In addition, required FICO scores have been lowered to 680 from 700 on loans with 97 percent LTVs.
The updates become effective on all M.I. applications received on or after March 20.
