National Mortgage Insurance Corporation (National MI) has launched a new lender-paid mortgage insurance (LPMI) program with imortgage. National MI’s LPMI program with imortgage is backed by what National MI believes is an innovative delegated assurance review process. imortgage has approved National MI as a provider of private mortgage insurance. Through this relationship, imortgage gains access to a new, well-capitalized source of private mortgage insurance with enhanced confidence of coverage and rescission relief available through National MI’s delegated underwriting review process.
National MI’s LPMI product enables imortgage to provide an innovative solution for borrowers, according to Dan Hanson, imortgage executive vice president. “Homeownership remains the cornerstone of the American dream,” Hanson said. “By teaming up with National MI to provide mortgage options for borrowers with lower down payments, we are creating additional opportunities for homeownership. In addition, National MI gives us the confidence of knowing that our loans are protected by very high underwriting standards.”
National MI has introduced a delegated assurance review process for its delegated customers that provides lenders with underwriting protection starting from day one, and rescission relief for every insured loan when a borrower has made timely payments for the first 12 months.
“We’re very pleased to work with imortgage, one of the fastest-growing and most well-respected retail lenders in the industry today,” said Brad Shuster, president and CEO of National MI. “We share their focus on maintaining high-quality underwriting standards, providing excellent service with integrity, and look forward to a long and successful relationship in the coming years.”
National MI recently announced enhancements to its terms of coverage. National MI SafeGuard, the company’s signature product, provides lenders with rescission relief after 12 months of timely payments on every loan, for both delegated and non-delegated loans.
“We believe National MI’s enhanced terms of coverage and master policy give lenders greater assurance that claims will be paid, and expect that such coverage will also significantly reduce repurchase risk,” Shuster said. “When you couple our innovative delegated assurance review with our SafeGuard coverage terms, we believe lenders will see the benefit of our comprehensive suite of mortgage insurance solutions.