Mortgage Insurance Guidelines Easing Up

A few years back, mortgage insurance guidelines got so strict that it became common for a loan officer to obtain a mortgage approval from an investor and then run into a Private Mortgage Insurance (PMI) approval problem. The main reason for this is that the PMI guidelines had become stricter than the investor guidelines. Well, good news to report on this front as not only are the PMI guidelines easing up a bit, but a new trend has emerged where PMI companies are once again automatically approving a loan if the lender obtains an approval through either Fannie Mae’s DU or Freddie Mac’s LP automated underwriting system. This is a wonderful development that will be of great benefit to realtors, lenders, and borrowers alike. When a borrower submits an application for a Conventional loan, he will once again be seeking just one approval, rather than two. This is another sign that things are headed in the right direction…..

February 21, 2012 by · Leave a Comment

About James

James A. Williamson is currently the Sr VP of Sales Development for Shelter Lending Services (formerly Fairfield Mortgage). James joined Shelter in 1994 and was the company's top Loan Officer in GA for 20 straight years helping over 2500 families finance their homes. James now oversees an incredible group of Loan Officers in Atlanta while further building Shelter's Atlanta business.

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