Underwriting Tips and Credit Policy

Your resource for useful tools and timely information for MI underwriting with Genworth. Plus, get credit policy updates, guidance on QA reviews, and appraisal information.

To submit documents related to a Quality Assurance Loan Review, visit our Secure Submission portal.

 

This Quarter's Underwriting Tips

Each quarter, our Risk QA team publishes a list of top delegated underwriting errors. Here's Q2 2018's list:

  1. Assets were not documented as required by program or AUS guidelines. 
  2. The source of funds was not properly documented for large deposits.
  3. The verbal VOE was missing, incomplete, or incorrect.

Find all their errors and corrective actions in this downloadable guide:

QA Tips for Underwriters

Here are our top overall QA tips to make sure your loan is processed faster:

  • Proofread all information and check for inconsistencies
  • Make sure 2 years' of employment history and resident history is included
  • Follow all necessary guidelines - GSE, Lender, Investor, MI
  • Flag any concerns in the app

Download our full document of QA Tips: 

Appraisal Checklists

Use these checklists as you review appraisals for underwriting and investor purchase. 

Appraisal Review Checklist (Single Unit)

Appraisal Review Checklist (2-4 Unit)

Credit Policy and Updates

Find information on Genworth MI's credit policy and any updates made as a result of natural disasters here:

Genworth MI Disaster Policy (July 2015)

Other Underwriting and Credit Policy Resources

 

Delegated Quality Assurance Sample Reviews

The FCRA and Genworth

Full Package (Non-Delegated) Quality Assurance Reviews

Learn how to prepare for a full package loan review.

Effective Date 7-1-2017