Canceling Mortgage Insurance
United Guaranty and Arch MI are now one company. You can continue to use your existing processes to submit and service loans with United Guaranty and Arch MI, and we will continue to provide the outstanding service you’ve come to expect. United Guaranty and Arch MI: Together Is Better.
You can determine when a refund is due using the schedules listed below. You can also log in to MI Guide and use PC Unite's "What if" function to determine the refund amount or premium owed. Cancellations are governed—and may be limited by—the terms and conditions of the Master Policy.
The type of Refundable or Non-Refundable Premium listed on the Commitment and Certificate will determine whether a possible refund is due when the coverage is canceled.
Example as shown on the Commitment and Certificate:
Monthly Premiums are unique in that they are usually paid in arrears. Therefore, when coverage is canceled at loan payoff or for any other reason, it is unlikely that a refund will be due for a Monthly Premium.
A request for cancellation should be processed through MI Guide's self-servicing application, PC Unite, within 60 days of cancellation.
You can also request cancellation for multiple certificates at once using EDI.
Here's what you will need to process your cancellation:
- Certificate number.
- Cancellation date.
- Reason for cancellation.
- Confirmation of the address where the refund should be sent in MI Guide.
Please note that the address set up in the system associated with your servicer ID is where the check will be mailed. If you are set up on ACH, the refund will be deposited within 5 business days of cancellation.
United Guaranty reserves the right to require documentation of the date of loan payoff.
Understanding HPA and Refunds Associated with Non-refundable Policies.
Among other notice and disclosure requirements, the Homeowners Protection Act of 1998 (HPA) requires lenders to cancel mortgage insurance and refund premium under certain circumstances. United Guaranty recognizes the importance of properly canceling mortgage insurance and refunding premium in accordance with the HPA and is providing the following information to help its MI partners with their compliance efforts.