November 26, 2012
Flexibility for Properties Located in an Area Affected by Hurricane Sandy - Effective November 19, 2012
As communicated in our media release on November 2, 2012, United Guaranty’s policy for new originations impacted by Hurricane Sandy follows Fannie Mae and Freddie Mac’s requirements.
Recognizing the delays that Hurricane Sandy will cause to the mortgage loan process, United Guaranty is allowing the following flexibilities for new mortgage insurance submissions and outstanding Commitments.
These flexibilities apply when:
- The Loan Application (Form 1003/Form 65) is dated on or before November 1, 2012; and
- The subject property is located in a county affected by Hurricane Sandy and declared as a disaster by the Federal Emergency Management Agency (FEMA).
New Mortgage Insurance Submissions
- Age of documentation is being extended to 180 days (from 120 days). (This is consistent with Fannie Mae and Freddie Mac’s disaster policy requirements for age of documentation).
- Secure Quote® period is being extended to 120 days(from 90 days).
Note: A manual premium rate adjustment to the Commitment will be necessary to apply the extended Secure Quote period. Please contact United Guaranty’s Customer Service team to request the premium rate adjustment. Please have your United Guaranty Certificate number and UG Quote Number handy to assist with the request.
Phone: 877.MI.CHOICE (877.642.4642)
Requests to Extend Expired Commitments
- Term of expired Commitment will be extended up to 60 daysif age of documentation is < 180 days. Please contact United Guaranty's Customer Service team at 877.642.4642 for assistance.
United Guaranty relies on the lender (the Insured) to represent that the property value and condition has not been negatively impacted. As such, United Guaranty will not require the lender to provide a recertification of value.
For more information, please contact your local United Guaranty representative.