What is a Non-Delegated MI Submission?
For a non-delegated submission, the lender sends a copy of the entire loan underwriting file to Arch MI. Certain non-delegated underwriting requirements are more expansive than our delegated underwriting requirements (for example, loan amount and credit score requirements).
If you have a loan you believe is an acceptable risk, but is outside our underwriting requirements, we encourage you to submit the full file. Our experienced underwriting staff will evaluate the overall risk of the loan to determine its eligibility for insurance.
What is a Delegated MI Submission?
Our Delegated submission option is available to approved lenders, and allows reporting of loan data only to Arch MI for mortgage insurance applications. Arch MI then issues an MI commitment and certificate based on the lender’s representation that the loan meets Arch MI’s underwriting requirements. As part of this option, the lender is responsible for errors and omissions that could otherwise be discovered with a non-delegated submission.
When submitting a loan via a delegated submission, no exceptions are allowed to the delegated underwriting requirements. For loans that do not meet the delegated underwriting requirements, we encourage you to submit the loan full file as a non-delegated submission. Our experienced underwriting staff will then evaluate the overall risk of the loan to determine its eligibility for insurance.
Can a seller credit (or other Interested Party Contribution) be applied toward the MI premium due at closing?-
Can a seller credit (or other Interested Party Contribution) be applied toward the MI premium due at closing?
Mortgage insurance premiums are considered “prepaid” items and subject to normal limits for Interested Party Contributions, including credits from the seller.