News Column

Arch MI Introduces New Master Policy with 12-Month Rescission Option for Lenders

August 15, 2014



By a News Reporter-Staff News Editor at Insurance Weekly News -- Arch Mortgage Insurance Company ("Arch MI"), a leading provider of private mortgage insurance and wholly owned subsidiary of Arch Capital Group Ltd., announced the introduction of its new First Lien Master Policy, which includes Arch MI's new Plus Program. Arch MI's new Master Policy sets a new standard for flexibility by offering both 12- and 36-month rescission relief options. Arch MI's new Master Policy, which will become effective on October 1, 2014, also includes industry-leading streamlined procedures and claim settlement timelines and other improvements.

"At Arch MI, we recognize that mortgage originators appreciate options," said Chris Hovey, Chief Operations Officer of Arch MI. "We offer originators multiple ways to deliver mortgage insurance and close their loans faster. We created our new Master Policy based on our understanding that our customers have differing mortgage insurance needs, and we are committed to providing our clients with multiple options that best fulfill these."

Arch MI's enhanced Master Policy includes two significant new options for rescission relief: a baseline policy with 36-month rescission relief and the new Plus Program option with 12-month rescission relief. The new Plus Program provides policyholders with rescission relief following 12 timely borrower payments following Arch MI's independent validation of loan quality and property value. This option is ideal for mortgage originators who seek early rescission relief and choose to satisfy the Plus Program's independent validation process. Arch MI's baseline policy option offers the more traditional 36-month rescission relief without additional validation requirements.

"Arch MI's enhanced Master Policy sets the industry standard in clarifying mortgage insurance coverage for our lenders and eliminates ambiguity surrounding rescission relief," said Chris Hovey. "The enhanced Master Policy and the new Plus Program option are the latest offerings in our line of tailored, high-quality products and services to traditional mortgage lenders and investors."

Arch MI offers customers support from our dedicated customer service representatives at (800) 909-4264 and through our innovative Master Policy Information Center at https://mi.archcapgroup.com/mpinfocenter where customers can find the new Arch MI Master Policy and endorsements, a description of the key changes introduced, details of rescission rights, an overview of our industry-leading expedited claims process and other important information about Arch MI's new Master Policy. ABOUT ARCH MORTGAGE INSURANCE COMPANY (FORMERLY KNOWN AS CMG MORTGAGE INSURANCE COMPANY)

Keywords for this news article include: Real Estate, Arch Mortgage Insurance Company.

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Source: Insurance Weekly News


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