September 30, 2014
Credit Union Underwriting Guide Update - Effective October 1, 2014
United Guaranty has updated its Credit Union Underwriting Guide (the Guide) effective October 1, 2014. The following changes have been made:
- All References to RAP® or Reporting Acceptance Program® have been replaced with delegated data submission (delegated) to coincide with United Guaranty’s new Master Policy.
- The information announced August 19, 2014, within CUA 2014-03 - "Requirements on Bankruptcies and Charge-Offs Involving Mortgage Debt" - has been added.
- We have clarified that manufactured housing with structural modifications—which may include, but are not limited to, additions to the original structure or substantial remodeling—are ineligible (as with any other manufactured housing unit).
- Section 1.03.02, Delegated Submissions, has been updated to include references to all sections within the Guide where the underwriting requirements differ for delegated versus full-file submissions.
- Section 3.12.01.01, Valid Credit Scores, includes clarification that when the standard underwriting requirements are used for underwriting, all borrowers must have a valid credit score.
The Guide and the following updated documents will be available on our website on October 1, 2014.
- CU SwiftCloseSM - Credit Union Requirements for DU/LP Quick Reference.
- Housing Finance Agency (HFA) Loan Requirements for Credit Unions.
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.