United Guaranty to borrowers: Don't worry about government shutdown
Mortgage insurer United Guaranty, a subsidiary of American International Group, is not letting the shutdown deter business, with the firm telling borrowers they can move forward even when dealing with loans tied to the Federal Housing Administration, Businessweek reported. Here's an excerpt from the publication:
AIG’s United Guaranty has sent a message to clients highlighting the company’s willingness to accept paperwork that had been prepared for the Federal Housing Administration. Mortgage insurance covers losses when homeowners default and foreclosures fail to recoup costs.
“In light of the federal shutdown and the inability of FHA to do business as usual, United Guaranty is reminding our customers that we are a resource,” Jo Fleischer, a spokesman for the unit of New York-based AIG, said in an e-mail today. “We can underwrite any FHA submission with existing full documentation, and typically get our customer a decision within 24 hours.”