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Mortgage Insurance News | M.I. Directory | M.I. Statistics
News about mortgage insurance issuance, defaults and litigation
Mortgage Insurer Improves Rescission Terms

National M.I. announces changes to master policies

Dec. 10, 2013

By Mortgage Daily staff

A relatively new mortgage insurance company is cutting the amount of time that lenders must wait before their M.I. policies can no longer be rescinded.

National Mortgage Insurance Corp. reported in April that it had insured its first residential loan, "officially marking its entry into the private mortgage insurance business."

Just three months earlier the Emeryville, Calif.-based firm obtained approved by Fannie Mae and Freddie Mac to insure agency conventional loans.

In its effort to build business, National M.I. said Tuesday that it is enhancing its master policy that will provide rescission relief after only 12 month on all loans it insured.

The term is being reduced from 18 months.

The enhancement applies to delegated and non-delegated business.

"This compares to most mortgage insurance policies where lenders must wait 36 months before receiving rescission relief," the announcement said.

National M.I. says it can cut the term because it underwrites every loan either prior to close or post-close.

The move is intended to provide lenders with greater assurance that their claims will be paid and significantly reduce repurchase risk.

The relief excludes loans that default during the first 12 months or involve first-party fraud.

The change to the master policy that will allow 12-month rescission relief is subject to approval by Fannie, Freddie, the Federal Housing Finance Agency and state insurance regulators.

The mortgage insurer is online at

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