United Guaranty’s monthly premium MI program now features ChoicElect involuntary unemployment insurance for emerging markets loan programs. Coverage is provided at no extra cost to the lender or the borrower. ChoicElect is available to lenders working with state housing agencies in select states. Contact your United Guaranty representative for availability.

With ChoicElect, first-time home buyers receive mortgage protection if income is interrupted by involuntary unemployment. The ChoicElect coverage pays the borrowers full monthly mortgage payment including principal, interest, taxes, and insurance, up to $2,000 per month for as long as six months (subject to certain exclusions).

United Guaranty underwrites the mortgage insurance coverage and pays independently for the ChoicElect insurance. Coverage begins on the date of closing, and borrowers and servicers are notified of the coverage with a letter explaining how to file a claim and a ChoicElect certificate. Standard mortgage insurance rates and underwriting guidelines apply, but there’s no additional cost to the borrower or the lender.