Underwriting Tips

Your resource for useful tools and timely information for MI underwriting with Genworth. Plus, get credit policy updates, guidance on QA reviews, and appraisal information.

To submit documents related to a Quality Assurance Loan Review, visit our Secure Submission portal.

 

Underwriting During COVID-19

Staying on top of continuously changing COVID-19 related underwriting guidelines can be a huge challenge. We’re here to help with tips, scenarios, and best practices to help get your loans to close as quickly as possible. NOTE: Advice in these documents does not replace Lender, Investor, or GSE instructions or guidelines.

 

Quick Tips on Calculating Income During COVID-19

Use this tip sheet to help keep underwriting best practices top of mind as you underwrite loans during COVID-19.

Calculating Income Loan Scenarios During COVID-19

This loan scenario resource provides some of the most commonly asked income calculation questions and provides responses to assist in the underwriting review process.

Mini Course: How to Review a Pay Stub

Get a quick refresher on pay stub basics like cross-checking employment on the application and pay stub, calculating base income plus bonuses, and checking for deductions.

This Quarter's Underwriting Tips

Each quarter, our Risk QA team publishes a list of top delegated underwriting errors to help underwriters submit quality originations. Here are a few from Q2 2020's list:

  1. Insufficient assets to close or for required reserves
  2. Missing gift documentation
  3. Missing documentation for credit concerns recognized by AUS

Learn how to avoid the most frequently made MI decision errors in this downloadable guide:

QA Tips for Underwriters

Here are our top overall QA tips to make sure your loan is processed faster:

  • Proofread all information and check for inconsistencies
  • Make sure 2 years' of employment history and resident history is included
  • Follow all necessary guidelines - GSE, Lender, Investor, MI
  • Flag any concerns in the app

Download our full document of QA Tips: 

Appraisal Checklists

Use these checklists as you review appraisals for underwriting and investor purchase. 

Appraisal Review Checklist (Single Unit)

Appraisal Review Checklist (2-4 Unit)

Credit Policy and Updates

Find any changes made to Genworth MI's credit policy on our Underwriting Guidelines page

Other Underwriting and Credit Policy Resources