National MI’s Delegated Underwriting process provides lenders with the assurance to originate more loans. National MI pioneered early rescission relief because we believe you deserve the peace of mind that comes with reducing repurchase risk sooner, however we do offer the option to choose 12 or 36 month rescission relief.
Our Delegated process provides an upfront underwriting review that assists with your loan manufacturing quality in order to provide more confidence to meet GSE and ATR requirements.
- 12 Month Rescission Relief
- Day 1 Coverage – upfront reviews of your files
- Trends analysis and feedback
- Eliminate traditional MI quality control audits
- Gain immediate confidence of loan eligibility and coverage
- Reduce buybacks and rescissions
Once approved, coverage will never be denied based on the original approved underwriting of the loan (including the appraisal).
Whether you choose 12 or 36 Month rescission relief, National MI is committed to bringing back confidence in the private MI industry.
To receive 36 Month Rescission Relief, here’s an overview of our National MI Quality Control process:
Lender Applicability and Purpose: Delegated Lenders with 36 month Rescission Relief (no Independent Validation)
Delegated approvals without Independent Validation (i.e., without National MI’s Delegated Assurance Review – DAR) are subject to 36 month rescission relief. Quality Control (QC) audits are the means by which National MI evaluates the underwriting quality of its delegated submissions that are not independently validated and confirms whether or not underwriting authority should continue to be delegated to its Master Policy Holders (MPHs). Loans that are audited through National MI’s QC process may be eligible for 12 month rescission relief (the QC audit serves as the independent validation) provided they fall within the tolerances established for independent validation.
Quality Control Methodology
Sampling will occur consistent with National MI internal risk policies and QC requirements. Our sampling requirements include:
- Random selection
- Discretionary selection
- Early Payment Defaults
Master Policy Holders (MPH) will receive a request for files via email if one or more loans have been selected for QC. The request will include the due date. File submissions should include, at a minimum, the documents listed on the Delegated Certificates – Documents needed for Quality Control. Submission options include system upload, disk, secure email, and other means in accordance with a lender’s delegated approval.
National MI’s QC department will share preliminary audit results via email and provide MPHs with an opportunity to respond. QC will finalize the audit findings after taking into consideration any response and additional information submitted. The final audit findings will be shared on a loan level basis for all files included in the preliminary results.
Please contact your Sales Advisor or call Solution Center at 855.317.4NMI (4664) – Select Option 5 for Quality Control.
1) Please view the Delegated Required Documents List.
- Submit the delegated loan to National MI using any of the eligible loan submission options to obtain a certificate.
- Activate the loan coverage by providing the closing date of the loan or first premium payment.
- Send a complete underwriting and closing package for review…
- Within 60 days of the close date for every file if you’ve elected 12 Month Rescission Relief
- Within 30 days of a QC file request for sampled loans if you’ve elected 36 Month Rescission Relief
2) Once you’ve received your Delegated Certificate, here are your options to submit loan documents:
Contact National MI’s Solution Center for:
- Login and Password setup
- Questions about AXIS or LOS
- Document delivery options
- Additional questions regarding complete loan package uploads