The GSEs have released updated guidance related to COVID-19 in response to customer questions and feedback. Genworth will continue to align in support of the GSEs’ temporary measures and flexibilities as communicated in the updated announcements.
In alignment with the GSEs, lenders are encouraged to apply the updates to existing loans in process. However, the updated temporary credit underwriting requirements must be applied to loan applications dated on or after April 14, 2020, through May 17, 2020. The additional flexibilities for new construction and renovation loans are effective immediately for all loans in process and remain in place for loan applications dated on or before May 17, 2020. These changes apply for all Genworth insured loans: Simply UnderwriteSM, Standard, and Peak PortfolioSM Guidelines.
For details and resources, read Credit Policy Bulletin 2020-04.