What is happening today in mortgage lending:
The following MGIC rate and underwriting changes take effect today, August 4, 2008:
Rate Changes
MGIC's basic monthly premium rates have increased.
A few LPMI rates have changed.
The premium adjustment factor for loan amounts greater than $417,000 has increased.
Standard Monthly, ZOMP! and Expanded Criteria rate charts now include a premium adjustment factor for loans with a maximum 25-year amortization.
Note: Rate changes are not yet effective in all states.For the most current rates, go to our newly updated Rate Finder or download the appropriate rate card.
Underwriting Changes
Cash-out refinances are once again eligible to a maximum LTV of 90% in non-restricted markets or states.
The following states are limited to a maximum LTV of 90%: AZ, CA, FL and NV.
For more information, please see our Underwriting Guidelines Summary and our Restricted Market Look-Up Tool.
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