MGIC’s new Master Policy is designed to further align our Gold Cert rescission relief options with Representation and Warranty Framework of Fannie Mae and Freddie Mac. This policy represents a collaborative effort with U.S. Mortgage Insurers (USMI), Fannie Mae, Freddie Mac and the Federal Housing Finance Agency. Our new policy takes effect with MI applications submitted on or after March 1, 2020.
Our Gold Cert protection provides rescission relief for Significant Defects due to lender underwriting errors, property valuation defects and borrower fraud. You can choose the level of protection that fits best with your business processes and needs as an organization. Click here to learn more about these options:
* Loans not meeting the criteria for 36-month Payment Protection will receive rescission relief at month 60 if current; or in the event of a default, when the loan comes current.
Endorsements (coming soon)
Master Policies prior to March 1, 2020
We’re updating our Underwriting, Servicing and Rescission Relief Guides to align with our new Master Policy. We’ll notify all Master Policy holders as soon as they’re available.