Mortgage insurer Genworth Financial said it is now accepting FHA appraisals as part of its conventional mortgage underwriting process, a move designed to save borrowers — and lenders — time and money.
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Previously, if a borrower applied for an FHA loan and obtained an appraisal, Genworth would not recognize it if the customer changed his mind and decided to obtain a conventional mortgage.
The change only affects lenders that are approved to do business with Genworth Mortgage Insurance.
Among MI companies, Genworth ranks fifth nationwide, according to figures compiled by National Mortgage News and the Quarterly Data Report.
