August 19, 2014
United Guaranty Update: 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.
Fannie Mae's waiting periods for these events are eligible for loans meeting United Guaranty's Credit Union SwiftCloseSM requirements. All other loans will continue to be treated as a foreclosure, requiring seven years' seasoning.
The next update of United Guaranty's Credit Union Underwriting Requirements Guide and underwriting reference materials will be amended as applicable to include clarification for the above.
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.