United Guaranty’s Underwriters Set Record with 24-Hour Turnaround on 97 Percent of Applications

Underwriting teams at United Guaranty Corporation are surpassing previous corporate records by achieving 24-hour turnaround 97 percent of the time on full-file applications for mortgage insurance (MI). The teams averaged 97 percent in the first quarter of 2014 after averaging 95 percent through the second half of 2013.

MI underwriting has been a focus of a three-year initiative to make full-file MI applications faster and easier for lenders. The initiative includes deploying underwriting teams across four time zones to maximize productivity—including employees working remotely and offices in Atlanta, Chicago, and Las Vegas.

Ranked the number one MI company by sales1, United Guaranty processed approximately 138,000 full-file submissions in 2013. United Guaranty has seen full-file applications grow to account for more than 60 percent of its volume, up from 45 percent in 2011.

For lenders, full-file submissions reduce the chance of rescissions and buybacks. When United Guaranty underwrites the full file, the lender is generally protected—beginning on the day the loan closes—from underwriting issues such as DTI miscalculations, ineligibility, and misread appraisals. United Guaranty also can offer expanded eligibility for full-file loans it underwrites.

“Fast, thorough underwriting is part of our larger goal of making it easier for customers to have us review their full-file applications as a consultative partner,” said Brian Gould, Chief Operating Officer, United Guaranty. “Because of our proven ability to deliver a thorough underwrite and MI decision without interrupting lender processes, we lead the industry in full-file underwriting.”

About United Guaranty2

United Guaranty Corporation and its subsidiaries provide certainty to mortgage lenders through world-class underwriting, quality risk solutions, and dynamic pricing available through Performance Premium,® the industry’s only MI pricing that is truly risk-based. Established in Greensboro, North Carolina, in 1963, United Guaranty is a company of American International Group, Inc.

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1 United Guaranty ranked number one in first-lien new traditional mortgage insurance written in 2013. Inside Mortgage Finance, February 21, 2014.

2 United Guaranty is a marketing term for United Guaranty Residential Insurance Company and United Guaranty Mortgage Indemnity Company. United Guaranty is a registered mark. Coverage is available through admitted company only.