United Guaranty Corp., Greensboro, N.C., says servicers for loans it provides mortgage insurance on where
Servicers should follow forbearance measures already in place under Fannie Mae and Freddie Mac guidelines to prevent foreclosure actions for home owners coping with storm damage. The guidelines cover procedures on dealing with homeowners affected by disasters, natural or otherwise.
“This action gives our customers a great deal of latitude in serving borrowers in affected areas,” said Brian Gould, senior vice president of loss management, underwriting and servicing. “With widespread property damage, people in these areas have a lot to cope with in terms of repairs and work interruptions.
He added: “In working with lenders whose customers have been affected, we are prepared to accept a range of reasonable solutions where mortgage payment is concerned.”
UGI is one of the largest MIs in the nation, according to figures compiled by National Mortgage News and the
