Based in Emeryville, Calif., National Mortgage Insurance Corporation will be introducing enhancements to its master policy, including a provision that offers rescission relief after 12 months on every loan National MI insures for both delegated and non-delegated channels, the company announced in a press release.
National MI SafeGuard will provide lenders with rescission relief after 12 months, compared to most company policies that make lenders wait 36 months.
"Through National MI SafeGuard, we believe we are offering lenders unprecedented underwriting protection for all loans and the best terms of coverage in the industry," said Brad Shuster, president and CEO of National MI. "By reducing the time frame to 12 months, National MI’s SafeGuard solution is leading the way forward in the industry."
The revised master policy is currently pending final approvals by the government-sponsored enterprises, the Federal Housing Finance Agency and state insurance regulators.