Does Arch MI insure loans where no borrower on the loan has a credit score?

Does Arch MI insure loans where no borrower on the loan has a credit score?
May 17, 2018 Donna Malecki

Does Arch MI insure loans where no borrower on the loan has a credit score?

Non-traditional credit (a loan for which no borrower has a credit score) is allowed for Arch MI’s EZ DecisoningSM program with a DU® Approve/Eligible or LPA Accept/Eligible recommendation when the loan meets all Fannie Mae DU or Freddie Mac LPA requirements. It is also allowed under Arch MI’s Standard Underwriting Requirements when the requirements in Section 3.12.02.01 of the Arch MI Underwriting Manual are met. The loan must be submitted non-delegated.

Note: Borrowers with non-traditional credit are ineligible when the lender submitting the MI application is located in the state of Washington.

 

Last Updated On December 27, 2022