United Guaranty’s SecureCert MI Program Provides Maximum Rescission Relief

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)

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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.