United Guaranty Corp. has initiated a disaster policy after Hurricane Matthew tore across the Southeast this past week.
The Greensboro, N.C.-based mortgage insurer said it will work with lenders and servicers to provide flexibility to borrowers in declared disaster areas. The company said its forbearance measures will follow the guidelines set out by Fannie Mae and Freddie Mac.
"Servicers will not need prior approval from United Guaranty for workout terms on individual cases under these guidelines," said Michael Hitt, United Guaranty senior vice president of insurance operations. "We hope this action provides some support and relief to the many families in the disaster areas."
In August, United Guaranty's parent company, American International Group, reached a deal
