genworth: Insured Mortgages Going To Get Tougher To Get - 04/12/09 07:08 AM
Genworth Financial Tightens Guidelines  Genworth Financial, Canada’s 2nd biggest mortgage default insurer, is reportedly making several key changes to its insurance offerings, effective April 18. 
The changes will affect new borrowers with less than 20% equity/down-payment, who use a lender that insures with Genworth.
Among other things, Genworth is reportedly:
Shelving its high-ratio rental and Credit Assist programs. Lowering its maximum TDS guideline from 44% to 42% for all products Increasing credit score requirements for its Cash-Out Refinance program, from: 650 to 700  (for 90.01-95% applications) 600 to 660  (for 85.01-90% LTV applications) Imposing new credit score minimums for high-rise (4+ … (2 comments)

genworth: More Tightening of Canadian Mortgage Lending Guidelines - 12/08/08 09:53 AM
Effective today, Genworth has made a dramatic change to their mortgage insurance product for alt-a Business for Self product (also known as BFS).  The change has now made this product unavailable to commissioned income individuals!!!  This is huge!  This change will effect many professions, specifically Realtors, mortgage associates, car salesmen, industrial equipments salespeople, boat and rv salespeople, condo and timeshares salespeople, etc.  Anyone who is self employed and derives their income from commission sales will no longer be able to use this insured product for a stated income mortgage.
Here is the release from Genworth describing their explanation of why … (0 comments)

genworth: Lethbridge Mortgage Update Dec. 4/08 - 12/03/08 08:58 AM
Genworth, the mortgage insurance company, recently sent out this update.  Much of the information is valuable information for consumers and real estate professionals.  The informed Realtor will be advised to know this information and/or to have a great mortgage associate at your disposal.  Here is Genworths update:
Commonly Asked Underwriting Questions Answered:   Rent to Own - Genworth asks that the "rent to own" agreement was signed prior or same time as lease.  We only apply the dollar amount that exceeds the fair market rent towards the down payment    Agricultural property - Zoning must allow for residential development; property must meet guidelines … (0 comments)

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