National MI’s Refinance Certificate Change Program

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National MI’s Refinance Certificate Change program supports efforts to help homeowners who have a timely mortgage payment history, but are unable to refinance to more financially beneficial mortgage terms because their property values have declined. The following two options are allowed:

GSE Refinance Certificate Change: Applies to loans owned or guaranteed by Fannie Mae or Freddie Mac and originated under Fannie Mae High LTV Refinance or Freddie Mac Enhanced Relief Refinance programs.
  • Current Value must have declined from the Original Value such that both of the following two LTV thresholds are met:
    • 3% LTV Threshold: The Minimum LTV in the following table must be exceeded by at least 3%; and
    • $5,000 LTV Threshold: The Minimum LTV in the following table must be exceeded by an amount of at least $5,000
  • For more details, please refer to the GSE Refinance Certificate Change Program Requirements and Eligibility Matrix
Non-GSE Refinance Certificate Change: Applies to loans not owned or guaranteed by the GSEs and/or are maintained in a lender’s own portfolio.
  • Current Value must have declined from the Original Value such that both of the following two LTV thresholds are met:
    • 3% LTV Threshold: The Minimum LTV in the following table must be exceeded by at least 3%; and
    • $5,000 LTV Threshold: The Minimum LTV in the following table must be exceeded by an amount of at least $5,000
  • For more details, please refer to the Non-GSE Refinance Certificate Change Program Requirements and Eligibility Matrix

Documentation Requirements

Depending upon the MI submission path, submit the following relevant documents:

Delegated Loans
Non-Delegated Loans
  • Completed & Signed National MI High LTV Relief Refinance Certificate Change Request Form
  • Loan Payment History of Existing Loan (may be documented via current credit report)
  • Copy of Original Note on Existing Loan
  • New Loan Application (Form 1003)
  • New Transmittal Underwriting Summary (Form 1008 – or lender’s equivalent underwriting analysis or underwriting summary form)
  • AUS final reports (DU Findings/LPA Feedback, if applicable)
  • Current Credit Report on all Borrowers
  • Current Employment/Income (for at least one borrower provide VVOE, non-employment income documentation (if applicable), or Recent Financial Statement with 12 Months Reserves; additional documentation required if new P&I payment increasing >= 20% or if the ex-spouse borrower is being removed from the new refinance loan
  • Current Assets (provide if new P&I payment increasing >= 20% or if the ex-spouse borrower is being removed from the Note on the new refinance loan)
  • Current Property Valuation documentation (New Full Appraisal)
  • Other Documents, as applicable

Submission Process for National MI’s Refinance Certificate Change Program

  • National MI allows the following MI submission options:
  • Please do not cancel or terminate the National MI Certificate on the existing loan.
  • Once National MI has received and reviewed the documents, we will provide the submitting lender with a notification.
  • Within approximately 10 business days of receiving a complete and accurate MI submission, eligible loans will receive an interim replacement National MI Commitment with the same National MI certificate number.

Please direct questions to: