National MI provides rescission relief after 12 months

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This is the amount of time it takes from application to “loan funding” – which is when. A pre-approval is when the lender gives a thumbs-up to all aspects of your. 40 and 50 days to close the home mortgage, based on national averages.. Each month, mortgage software provider Ellie Mae publishes its.

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Inc. (NASDAQ:NMIH), announces that it has granted 12-month rescission relief on 100,000 loans as of the first quarter 2018. National MI SafeGuard provides rescission relief for eligible loans after 12 months of timely payments made by the borrower, which is two years sooner than the industry standard of 36 months.

Rescission Reasons and Rescission Relief at Arch MI. In 2013, the GSEs required all mortgage insurers to draft new mortgage insurance master policies that conform to detailed GSE specifications. After the GSEs reviewed and approved the new master policies, the MIs submitted their new master policies to state insurance departments for approval.

National MI SafeGuardSM, the company’s signature product, will provide lenders with rescission relief after 12 months, which the company believes will give lenders greater assurance their claims.

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National MI SafeGuard provides rescission relief for eligible loans after 12 months of timely payments made by the borrower, which is two years sooner than the industry standard of 36 months.

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