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Is a Lender Credit considered an Interested Party Contribution (IPC)?
-Is a Lender Credit considered an Interested Party Contribution (IPC)?
Arch MI does not consider a Lender Credit an Interested Party Contribution (IPC) and it would not be subject to those limits unless the Lender is also the property seller.
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Will Arch require a foreign credit report when a loan with valid DU Approve/Eligible findings (or LPA Accept/Eligible feedback) includes a borrower who has been in the US for less than two years?
-Will Arch MI require an international credit report when a loan with valid Desktop Underwriter® (DU®) Approve/Eligible or Loan Product Advisor® (LPASM) Accept/Eligible findings includes a borrower who has been in the United States for less than two years?
Loans with valid DU Approve/Eligible or LPA Accept/Eligible findings are perfect for our EZ DecisioningSM program. Under our EZ Decisioning program, no additional credit or tradeline requirements apply. For more information, visit our Guidelines page.
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Is a borrower on a loan with valid DU/LPA approved findings or feedback eligible for mortgage insurance even if they have limited credit?
-Is a borrower on a loan with valid Desktop Underwriter® (DU®)/Loan Product Advisor® (LPASM) approved findings eligible for mortgage insurance even if they have limited credit?
Yes. Loans with valid DU Approve/Eligible or LPA Accept/Eligible findings are perfect for our EZ DecisioningSM program. Under our EZ Decisioning program, no additional credit or tradeline requirements apply. For more information, visit our Guidelines page.
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Does Arch MI accept borrowers who have “frozen” their credit?
-Does Arch MI accept borrowers who have “frozen” their credit?
Yes, Arch MI follows agency guidelines in regards to underwriting borrowers with frozen credit. If the borrower’s credit information is frozen at one of the credit repositories, the credit report is still acceptable as long as credit data is available from two repositories, a credit score is obtained from at least one of those two repositories and the lender requested a three in-file merged report. If there is no credit score available from the other two credit repositories, the borrower can be underwritten under our Non-Traditional Credit guidelines.
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Does Arch MI accept borrowers with Non-Traditional Credit when no borrower on the loan has a credit score?
-Does Arch MI accept borrowers with Non-Traditional Credit when no borrower on the loan has a credit score?
Yes, Arch MI will accept borrowers with Non-Traditional Credit. The loan may be a purchase or rate/term refinance on a one-unit at 95% LTV up to the current Agency conforming loan limit with a maximum DTI of 45%. For full details on documenting Non-Traditional Credit References, please see Section 3.12.02.01 of the Arch MI Underwriting Manual – https://mi.archcapgroup.com/Portals/1/Documents/Guidelines/ArchMI_UWManual_NR.pdf
