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MGIC streamlines PMI approvals

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The nation's largest private mortgage insurer is making it easier to process the applications of borrowers who have been approved through the automated underwriting systems of mortgage giants Fannie Mae and Freddie Mac.Milwaukee, Wis.-based Mortgage Guaranty Insurance Corporation (MGIC) is the principal subsidiary of MGIC Investment Corporation.Under the company's new underwriting program, MGIC Go!, loans that have received an "Approve" response from Fannie Mae Desktop Underwriter or an "Accept" response from Freddie Mac Loan Prospector and meet certain requirements beyond those of Fannie or Freddie are automatically eligible for MGIC mortgage insurance.Those requirements, known as overlays, include maximum loan-to-value ratios, maximum loans amounts, and minimum credit scores, depending on the loan. Borrowers must follow the company's application requirements."MGIC Go! simplifies the process and fits into our customers' daily operations," Sal Miosi , M...