Master Policy Terms


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The differences between National MI’s SafeGuard, SafeGuard Plus, and Standard Coverage:

* 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.

A Flexible Approach to Rescission Relief:

National MI pioneered early rescission relief with National MI SafeGuard, because you deserve the peace of mind that comes with reducing rescission risk sooner.

National MI now offers more rescission relief options. You can choose the rescission relief option that works best for your company. We offer: SafeGuard Plus, rescission relief provided immediately after successful Independent Validation; or SafeGuard, rescission relief for qualifying non-delegated loans provided after the borrower makes 12 consecutive timely payments without submitting any extra post-close documents.

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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.

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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 can attain rescission relief after 12 months, and with SafeGuard Plus your eligible loans could receive rescission relief in less than 12 months.

SGreport
Sample 12 months rescission relief report.

Rescission relief with these advantages:

  • You’re covered. National MI will not rescind a policy due to an origination underwriting issue on the loan;
  • Reduce your buy-back risk. With rescission relief from National MI, you will have the comfort of knowing that coverage cannot be rescinded, reducing the likelihood that a rescission will trigger a buy-back.

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Committed to Sensible Servicing

We’ve taken a thoughtful and balanced approach to how we service your business and work with you. To us, it’s not just a file, an account, or a policy. We express care and concern in our interactions with you, to resolution. It’s about conversations that count, whether it concerns a policy update, a payment, or documentation. We deliver insurance, not arguments.

  • Consideration of “life events” (such as job loss, death or divorce)
  • Built to pay claims: process confirmed claims payments in weeks, not months
  • Each insured loan covered by National MI’s clear terms of coverage, regardless of origination channel, investor sale or insured date
    • We fully and equally support both non-delegated and delegated channels
    • No extra charge for this coverage
  • Offers significant protection to lenders and confidence in the reliability of our coverage from day one

Visit our Sensible Servicing page to learn more.

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Please refer to National MI’s Servicing Guide, Underwriting Guideline Manual, Rescission Relief Guide and Master Policy for a complete description of the policy and requirements.