August 19, 2014
United Guaranty Affirms Requirements on Bankruptcies and Charge-Offs Involving Mortgage Debt
Fannie Mae recently announced changes (SEL-2014-10, July 29, 2014) that allow shorter waiting periods involving mortgage debt charge-off accounts and mortgage debt discharged through a bankruptcy.
United Guaranty will continue to treat these events the same as a foreclosure, requiring seven years’ seasoning.
The next update of United Guaranty’s Underwriting Requirements Guide and underwriting reference materials will be amended, as applicable, to clarify that these types of mortgage debt events follow the foreclosure seasoning requirement.
Please contact your United Guaranty Account Representative if you have questions about this announcement. If you have questions about underwriting requirements or submissions, please contact our Underwriting Customer Service Team at 877.MI.CHOICE (877.642.4642), or email UGC:customerservice.