One of the industry’s mortgage insurance companies is introducing an enhanced M.I. certificate that provides more coverage information and easier activation.
The improved commitment and certificate was covered in a news release Wednesday by Greensboro, N.C.-based United Guaranty Corp.
The American International Group-subsidiary said that the changes are a result of requests it has received from its customers.
In Bulletin CA2013-09, United Guaranty said the updated certificates include detailed premium and loan transaction information that now appear on two pages.
New fields are also included for the borrower and additional borrowers as well as for mortgage and underwriting information.
In addition, no lender signature is required to activate the certificate.
United Guaranty said that while the process for obtaining a commitment and certificate won’t change — just the premium and closing date are needed to place the certificates in force on “Non–Post Pay” commitments.
On “PostPay” commitments, lenders need to continue to using “Loan Boarding (EDI),” United Guaranty’s M.I. Guide, e-mail or fax to activate the commitment and certificate.
The enhanced form becomes effective on loans insured on or after Nov. 1.
A sample of the new commitment and certificate is online at www.ugcorp.com.