United Guaranty Announces Disaster Policy for Louisiana Flooding
Forbearance measures provide flexibility for homeowners coping with severe property damage.
GREENSBORO, NC, August 19, 2016
With tens of thousands of homes sustaining damage from flooding in Louisiana, mortgage insurer United Guaranty has initiated a disaster policy and will work with mortgage lenders and servicers to provide flexibility for borrowers in the declared disaster area who are experiencing severe property damage and interrupted employment.
Forbearance measures to prevent foreclosure actions on those coping with storm damage should follow the procedures on dealing with homeowners affected by disasters, natural or otherwise, found in the guidelines established by Freddie Mac and Fannie Mae.
"As homeowners in the declared disaster area begin to recover from the damage caused by this historic flooding, this forbearance measure provides flexibility in serving those families," said Brian Gould, Chief Operating Officer, United Guaranty. "Servicers will not need prior approval from United Guaranty for workout terms on individual cases under these guidelines. We hope this action provides some support and relief to the many families who are dealing with this severe flood."
About United Guaranty
United Guaranty Corporation and its subsidiaries provide certainty to mortgage lenders through world-class underwriting, quality risk solutions, and dynamic pricing available through Performance Premium®, the industry's only MI pricing that is truly risk-based. Established in Greensboro, North Carolina, in 1963, United Guaranty is a company of American International Group, Inc.
Jo Fleischer, Director – Media Relations
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