United Guaranty Announces Disaster Policy in Response to Flooding in South Carolina Region
Forbearance measures provide flexibility for homeowners coping with severe property damage.
GREENSBORO, NC, October 9, 2015
With large numbers of homes sustaining damage from floods that swept through South Carolina, 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 have encountered 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.
"With this action, our master policy holders have latitude in serving borrowers recovering from the impact of storms in declared disaster areas," 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 want to support and provide relief to the families who were unfortunately impacted by this historic flooding."
About United Guaranty
United Guaranty Corporation and its subsidiaries provide innovative, quality risk solutions that help mortgage lenders remain competitive while generating a profitable and responsible book of business for their stakeholders. Products include first-lien private mortgage insurance—most notably Performance Premium®, an industry-leading risk-based pricing option. Among United Guaranty's suite of loan analysis and risk management tools are indices that measure loan risk and geographic quality. United Guaranty was established in Greensboro, North Carolina, in 1963 and is a company of American International Group, Inc.
Jo Fleischer, Director – Media Relations
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