SAN FRANCISCO (1/19/12)--CMG Mortgage Insurance Co. (CMG MI), a provider of private mortgage guaranty insurance, has launched EZ Decisioning, a new set of program guidelines.
Conforming mortgage loans that meet the EZ Decisioning criteria and have received a valid Desktop Underwriter Approve/Eligible, Desktop Underwriter Expanded Approval/Eligible or a Loan Prospector Accept/Eligible are eligible for CMG MI mortgage insurance coverage.
EZ Decisioning program features some expanded eligibility guidelines, dropping credit scores to 620 for loan-to-value (LTV) ratios less than or equal to 95%. Borrower contributions have been eliminated for borrowers with credit scores of 720 and above.
"By aligning this program with the government-sponsored enterprises approval process, we anticipate greater efficiencies for our customers and ourselves," said CMG MI Kim Shaul, senior vice president and general manager.