Peak Portfolio Underwriting Guidelines ... Genworth's exclusive portfolio entity Reach your portfolio

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    ©2019 Genworth Financial, Inc. All rights reserved.

    Genworth Mortgage Insurance underwriters include: Genworth Mortgage Insurance Corporation and Genworth Mortgage Insurance Corporation of North Carolina

    YOU-CENTRIC SOLUTIONS THAT MATTER

    Genworth's exclusive portfolio entity

    Reach your portfolio origination PEAK with the protection of mortgage insurance

    Underwriting Guidelines

    Genworth Mortgage Insurance underwritten by: Genworth Mortgage Insurance Corporation of North Carolina

    July 1, 2019

  • P e a k P o r t f o l i o U n d e r w r i t i n g G u i d e l i n e s P a g e | 2

    Genworth Mortgage Insurance Peak Portfolio Underwriting Guidelines July 1, 2019 ©2019 Genworth Financial Inc. All Rights Reserved

    Table of Contents 1 OVERVIEW ....................................................................................................................................................................... 4

    Fair Lending ............................................................................................................................................................. 4

    Homeowners Protection Act ................................................................................................................................... 4

    Compliance with Law .............................................................................................................................................. 4

    Portfolio Dispersion ................................................................................................................................................ 4

    Origination Channel ................................................................................................................................................ 4

    Mortgage Insurance Underwriting Method ............................................................................................................ 5

    Commitment Terms ................................................................................................................................................ 5

    2 UNDERWRITING MANUAL .............................................................................................................................................. 6

    PEAK PORTFOLIO ..................................................................................................................................................... 7

    PEAK PROFESSIONAL ............................................................................................................................................. 10

    PEAK PLEDGED ASSETS .......................................................................................................................................... 12

    3 ELIGIBLE LOAN TYPES .................................................................................................................................................... 14

    Fixed Rate/Fixed Payment .................................................................................................................................... 14

    Adjustable Rate Mortgage (ARM) Requirements and Features ........................................................................... 14

    Fixed Period ARMs ........................................................................................................................................ 14

    ARM Qualifying Rates.................................................................................................................................... 14

    Balloon Mortgages ................................................................................................................................................ 14

    Temporary Buydowns ........................................................................................................................................... 15

    Temporary Buydown Qualifying Rates ......................................................................................................... 15

    4 INELIGIBLE LOAN FEATURES ......................................................................................................................................... 16

    5 OCCUPANCY .................................................................................................................................................................. 17

    Primary Residence................................................................................................................................................. 17

    Second Home ........................................................................................................................................................ 17

    Investment Property ............................................................................................................................................. 17

    6 ELIGIBLE TRANSACTION TYPES ...................................................................................................................................... 18

    Purchase ................................................................................................................................................................ 18

    Rate/Term Refinance ............................................................................................................................................ 18

    Portfolio Rate/Term Refinance ............................................................................................................................. 18

    Cash-out Refinance ............................................................................................................................................... 18

    Construction-To-Permanent Transactions (C-to-P) .............................................................................................. 19

    Purchase C-to-P ............................................................................................................................................. 19

    Rate/Term C-to-P .......................................................................................................................................... 19

  • P e a k P o r t f o l i o U n d e r w r i t i n g G u i d e l i n e s P a g e | 3

    Genworth Mortgage Insurance Peak Portfolio Underwriting Guidelines July 1, 2019 ©2019 Genworth Financial Inc. All Rights Reserved

    Underwriting ................................................................................................................................................. 19

    Mortgage Insurance Coverage ...................................................................................................................... 19

    Renovation Loans .................................................................................................................................................. 20

    7 UNDERWRITING ............................................................................................................................................................ 21

    Borrower Eligibility ................................................................................................................................................ 21

    Credit Underwriting .............................................................................................................................................. 21

    Asset and Liability Assessment ............................................................................................................................. 22

    Minimum Borrower Contribution and Reserves ................................................................................................... 22

    Interested Party Contributions ............................................................................................................................. 23

    Employment and Income Documentation ............................................................................................................ 23

    Mortgage and Rental Payment History ................................................................................................................. 23

    Appraisal Requirements ........................................................................................................................................ 24

    Construction-to-Permanent Appraisal .................................................................................................................. 24

    Completion Escrow ............................................................................................................................................... 24

    Manufactured Housing ......................................................................................................................................... 24

    Two Individual Residential Dwellings on One Lot ................................................................................................. 24

    Acreage ................................................................................................................................................................. 24

    Energy Improvement ............................................................................................................................