Only United Guaranty’s master policy provides enhanced clarity and an
unambiguous written record with its first-in-the-industry Policy
United Guaranty’s new master policy is the only one in the MI industry to include a Policy Commitment Letter—specific to each lender—that clearly defines each party’s roles and responsibilities.
The unique Policy Commitment Letter—along with new claims and appeals guides—clearly spells out policies and practices governing underwriting, claims, and appeals. All updates or changes automatically will be sent to the lender and be merged into the Policy Commitment Letter to provide an enduring written record. The Policy Commitment Letter also provides additional flexibility to enable a lender and United Guaranty to agree to include operational changes—and includes an easy-to-reference, updated record of those agreements.
United Guaranty requires lenders to sign and execute the Policy Commitment Letter to insure loans on or after the effective date for the document,
“More than two thirds of our lenders have already executed the new master policy with United Guaranty. They see the value of a master policy that goes beyond satisfying minimum requirements to provide a level of certainty and transparency that lenders and mortgage investors prefer,” said
When the new United Guaranty master policy becomes effective, the existing one will be cancelled, and all new applications for insurance submitted to United Guaranty will be governed by the new master policy and Policy Commitment Letter, which do not affect loans that are insured under the current master policies.
United Guaranty’s master policy has been approved by Fannie Mae and Freddie Mac and has been filed in all 50 states and the
United Guaranty representatives have been working closely with customers for several months leading up to the master policy and Policy Commitment Letter introduction. To assist customers with master policy or Policy Commitment Letter questions, United Guaranty has created the www.ugcorp.com/masterpolicy web page. Customers needing guidance may also call the
Educational webinars for lenders about United Guaranty’s master policy and commitment letter are scheduled for
About United Guaranty1
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