United Guaranty’s SecureCert MI Program Provides Maximum Rescission Relief
September 03 2014 - 2:45PM
Business Wire
New post-close review options build on
pioneering CoverEdge rescission relief product introduced by United
Guaranty in 2011.
Mortgage insurance (MI) industry leader United Guaranty has
introduced SecureCert,SM a suite of five options that allow lenders
to choose the maximum rescission relief1 available in the MI
industry—at no added cost.
SecureCert builds upon United Guaranty’s experience with
CoverEdge,® the first product in the MI industry that provided
post-close rescission relief. CoverEdge was introduced in 2011.
Today, SecureCert provides comprehensive rescission relief—except
in instances of first-party fraud. Also, with its Day One
Protection options, United Guaranty assumes responsibility for MI
underwriting mistakes when it reviews loan documents.
Added Protection with SecureCert
SecureCert offers two options that provide rescission relief at
36 months and three options that accelerate rescission relief from
36 months to 12 months with the submission of additional
documents.
“United Guaranty has remained unmatched in the MI industry in
the three years since we introduced post-close rescission relief,
which provided our customers with added certainty and peace of
mind,” said Donna DeMaio, president and CEO, United Guaranty. “With
SecureCert, we are pleased to add new rescission relief options,
backed by industry-leading experience—and underwriters with a
three-year head start on post-closing knowledge and expertise. We
continue to offer the industry’s best underwriting service; in the
first half of 2014, we completed nearly 100 percent of full-file
submissions within 24 hours.”
SecureCert provides rescission relief options for both full-file
and delegated data submissions (RAP®) to offer each lender the
flexibility to select the best option for their business. Lenders
can choose from two options that don’t require post-closing
submission of additional documents:
1. Standard Full-File Submission: Day
One Protection on loan eligibility and MI guidelines, 12-month
rescission relief on appraisal, and 36-month rescission relief on
everything during origination but first-party fraud.
2. Standard Delegated Submission:
36-month rescission relief on everything during origination but
first-party fraud.
The three options for accelerated relief are:
1. Full-File Submission with Post-Close
Review: Day One Protection on loan eligibility and MI
guidelines, and 12-month rescission relief on appraisal and
everything during origination but first-party fraud.
2. Delegated with Post-Close Review:
Day One Protection on loan eligibility and MI guidelines, and
12-month rescission relief on appraisal and everything during
origination but first-party fraud.
3. Delegated with Appraisal Review:
12-month rescission relief on appraisal and 36 months on everything
during origination but first-party fraud.
More information is available at United Guaranty’s SecureCert
Web page.
About United Guaranty2
United Guaranty Corporation and its subsidiaries provide
certainty to mortgage lenders through world-class underwriting,
quality risk solutions, and dynamic pricing available through
Performance Premium,® the industry’s only MI pricing that is truly
risk-based. Established in Greensboro, North Carolina, in 1963,
United Guaranty is a company of American International Group, Inc.
(NYSE: AIG)
MC-2-A953M-0914
1 To be eligible for certain rescission relief options, an
insured loan must have no more than two loan payments that were 30
days delinquent and no loan payment that has been more than 60 days
delinquent; all loan payments must be made from the borrower’s own
funds; and no loan modifications made during the relevant time
frame. Applies to all MI applications submitted on or after October
1, 2014, and approved by United Guaranty. For full terms and
conditions of coverage, please refer to your applicable Master
Policy documents.
2 United Guaranty is a marketing term for United Guaranty
Residential Insurance Company and United Guaranty Mortgage
Indemnity Company. United Guaranty and Performance Premium are
registered marks. SecureCert is a service mark. Coverage is
available through admitted company only.
United GuarantyJo Fleischer, Director–Media RelationsO:
336.333.0433 | C: 336.609.3957
American (NYSE:AIG)
Historical Stock Chart
From Aug 2024 to Sep 2024
American (NYSE:AIG)
Historical Stock Chart
From Sep 2023 to Sep 2024