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United Guaranty Introduces New Rescission Relief Option

Sep 05, 2014

United Guaranty has introduced SecureCert, a suite of five options that allow lenders to choose the maximum rescission relief available in the mortgage insurance (MI) industry—at no added cost. The Federal Housing Finance Agency (FHFA) is requiring all mortgage insurers to adopt new master policies, effective Oct. 1, 2014, to provide more uniform, industrywide standards for rescission relief and claims handling. 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. 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 file 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 of 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: ►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. ►Standard Delegated Submission: 36-month rescission relief on everything during origination but first-party fraud. The three options for accelerated relief are: ►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. ►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. ►Delegated with Appraisal Review: 12-month rescission relief on appraisal and 36 months on everything during origination but first-party fraud.
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Sep 05, 2014
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