United Guaranty Announces Disaster Policy for Hurricane Matthew
Forbearance measures provide flexibility for homeowners coping with severe property damage.
GREENSBORO, NC, October 11, 2016
As a result of widespread damage from Hurricane Matthew, United Guaranty has initiated a disaster policy and will work with mortgage lenders and servicers to provide flexibility for borrowers in declared disaster areas 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 for dealing with homeowners with homeowners affected by disasters, natural or otherwise, found in the guidelines established by Freddie Mac and Fannie Mae. Areas of Florida, Georgia, and the Carolinas have been declared disaster areas due to damage from Hurricane Matthew and related storms.
"Forbearance measures provide flexibility for the homeowners in the affected areas as they deal with the aftermath of Hurricane Matthew,” said Michael Hitt, senior vice president of Insurance Operations, 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 in the disaster areas.”
About United Guaranty1
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 first pricing to be truly risk based. Established in Greensboro, North Carolina, in 1963, United Guaranty is a company of American International Group, Inc.
1United Guaranty is a marketing term for United Guaranty Residential Insurance Company and United Guaranty Mortgage Indemnity Company. United Guaranty and Performance Premium are registered marks. Coverage is available through admitted company only.
Jo Fleischer, Director – Media Relations
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