Certainty of coverage
By working with National MI, you will see benefits starting on Day 1.
Benefits to You:
- National MI will not rescind coverage based on the original underwriting of the file for non-delegated loans, including the appraisal.
- For your investors, a National MI policy certifies that the loan was insured with high standards regardless of the origination channel, investor sale, or insured date.
- National MI will consider “life events” such as job loss, divorce or death.
- Appraisal overstatements must be ≥ 15% AND include evidence of appraiser manipulation for a reason to rescind.
- National MI offers rescission relief after notification that successful Independent Validation is complete.
- Will not look for loopholes or unjustified reason to rescind coverage.
RESCISSION RELIEF GUIDE
RESCISSION RELIEF OPTION
NATIONAL MI RESCISSION RELIEF TERMS*
UPON INDEPENDENT VALIDATION
|Delegated||Origination package and closing docs Rescission relief provided upon successful independent validation||(Now SafeGuard Plus)||Without origination or closing documents Relief after 36 timely payments|
|Non- Delegated||Available upon request||Closing Doc Exception Rescission relief provided after 12 timely payments by borrower||Without closing documents Relief after 36 timely payments|
*Refer to the new Rescission Relief Guide for details (effective for all MI applications received on or after March 1, 2020). National MI’s rescission relief is subject to the 2020 Master Policy terms and conditions.
Rescission Relief Guide Archive
SafeGuard® Ironclad Report
Only with National MI do you receive a National MI SafeGuard Ironclad report detailing your loans that have achieved rescission relief.
With National MI SafeGuard, eligible loans could attain rescission relief after 12 months, and with SafeGuard Plus your eligible loans could receive rescission relief in less than 12 months.Sample 12 months rescission relief report.