CMG MI Program Guideline Changes for All Programs – Effective 8/7/09

Effective August 7, 2009, CMG Mortgage Insurance Company (CMG MI) is making a change to our program guidelines.

Changes to CMG MI’s Conforming & Non-Conforming Guidelines, Effective 8/7/09

Territorial Underwriting Guidelines

The territorial minimum loan representative credit score requirement will no longer apply for the following states:

• Washington
• New York

Minimum Down Payment

• Borrower must have a minimum equity or down payment from their own funds as follows:
  • Owner-Occupied
    • Minimum 5% of borrower funds must be verified as part of the transaction

The following should be noted:

• Changes supersede previously issued CMG MI approved program variations
• Changes apply regardless of submission channel to CMG MI
• Changes apply regardless of any Automated Underwriting System (AUS) recommendation or decision

For more information, please see the links below:

• Changes to CMG MI’s Conforming and Non-Conforming Program – Effective 8/7/09
• Please see our Credit Risk Bulletin for a summary of the Guidelines and Distressed Markets changes.
• Please see our Comparison Matrix to compare the 8/7/09 changes to CMG MI’s previous guidelines.

Changes to CMG MI's Distressed Markets

The 8/7/09 guidelines include changes to CMG MI’s Distressed Markets Policy and List.

• Distressed Markets Policy – Effective 8/7/09
• Distressed Markets List – Effective 8/7/09

Questions? Please contact your CMG MI Account Executive.