Mortgage Guaranty Insurance Corporation (MGIC) has introduced an updated Master Policy, which builds on gold cert with improved clarity, transparency, and simplicity for lenders.
According to the insurer, the improved policy offers better clarity and transparency on all aspects of the mortgage insurance process from origination through servicing and claim settlement.
The new product integrates the coverage requirements of Fannie Mae and Freddie Mac (together as GSE) and has the capability to upgrade to 12-month rescission coverage protection under MGIC’s Gold Cert program, available through all submission options.
Commenting on the launch of the upgraded product, Mortgage Guaranty Insurance Corporation president and CEO Patrick Sinks said, "Over the past several years the mortgage industry has gone through significant changes."
"During it all MGIC has remained steadfast in our commitment to providing our customers industry leading products, like Gold Cert, and extraordinary customer service.
"Our new policy reemphasizes our partnership with the lending community and maintains MGIC’s strong focus on quality. We will work with customers to make the transition to our new Master Policy as simple and easy as possible," Sinks added.
MGIC has joined hands with the GSEs to ensure that loans insured under the new Master Policy would be eligible for sale to them; subsequently new Master Policy has been approved by both GSEs and has been filed with the state insurance regulators.