National MI underwriting changes: summaries and effective dates

Applies to: Loans insured by National MI that use VantageScore 4.0 and are DU Approve/Eligible or LPA Accept/Eligible.

What to review: No change is mandatory. National MI now accepts VantageScore 4.0 immediately, so lenders may use it for National MI-insured loans that are DU Approve/Eligible or LPA Accept/Eligible and meet GSE requirements and the VS4 score minimums in the updated TrueGuide (sections 2.3.1, 2.3.2, 2.3.3). AWACS interpretation

Applies to: Loans with National MI mortgage insurance using a construction-to-permanent commitment period.

What to review: No change is mandatory: review the National MI bulletin to see that the construction-to-permanent commitment period, which lenders may now use at 18 months, effective systematically June 6, 2026, applies to loans with National MI mortgage insurance using that commitment period. AWACS interpretation

Applies to: National MI-insured primary residence loans (occupancy timing); 2-unit manufactured homes on AUS Affordable loans and the overlay summary are additional non-mandatory changes.

What to review: First review the mandatory, immediately effective change that primary residence borrowers must occupy within 60 days of closing and continue occupancy for one year, then note that the lender may use the expanded AUS Affordable eligibility for 2-unit manufactured homes and the new overlay summary in Section 2.2.1, neither of which is required. AWACS interpretation

Applies to: National MI TrueGuide loans, including ADU properties, 3-4 unit AUS conforming loans, and loans with appraisals on UAD 3.6 forms.

What to review: No change in this bulletin is mandatory, so first review what it allows: National MI TrueGuide loans with 3-4 units now follow GSE requirements instead of a separate DTI overlay, ADU requirements are presented in a simplified form aligned with GSE eligibility, and UAD 3.6 appraisal forms are accepted with appraisal review deferring to the GSEs. AWACS interpretation

Applies to: AUS loans submitted to National MI on or after 9/17/2025 with loan amounts within the temporarily increased conforming limits.

What to review: No change is mandatory; review the temporary increase in conforming loan amounts for AUS loans submitted to National MI on or after 9/17/2025, which the lender may use if the loan otherwise meets the TrueGuide AUS Conforming or Affordable Lending matrices, and note that National MI will align its limits with the GSEs' higher conforming limits once the 2026 limits are announced. AWACS interpretation