For more information, visit our Underwriting Guidelines
In light of current concerns about the spread of COVID-19, Arch MI affirms our support for all forbearance and loss mitigation programs to be initiated by Fannie Mae and Freddie Mac.
Additionally, Arch MI will support any policies related to COVID-19 that are issued by Fannie Mae and Freddie Mac, and directives issued by the affected states’ insurance offices.
Arch MI will give servicers full delegation on Arch MI-insured GSE loans to proceed with workouts that meet the guidelines set forth by Fannie Mae and Freddie Mac. The servicer’s only obligation is to report the workout once it is complete; permission is not required up front.
Arch MI recognizes these are very difficult times for homeowners and lenders. We stand together with the servicing community to support streamlined and effective loss mitigation programs.
For more information, please contact our Loss Mitigation team at 877-642-4642 (option 2, then option 2), or email us at firstname.lastname@example.org.
For more information on Policy Servicing, visit our webpage.
Read our Claims and Servicing Bulletin - Updated 7/30/20
State-Specific Information Regarding Premium Deferral and Cancellations
Colorado: In accordance with the guidance provided by the Colorado Division of Insurance in Bulletin No. B-5.38, Arch MI will make reasonable accommodations to prevent Insureds from losing coverage due to cancellation for the non-payment of premium during the COVID-19 pandemic. Reasonable accommodations include, but are not limited to:
- Extension of premium grace periods;
- Waiver of late payment fees;
- A moratorium on cancellations for non-payment;
- Defer any non-renewal underwriting actions; and,
- Provide a continuation of coverage for any expiring policy.
New Jersey: Pursuant to Bulletin No. 20-04, the NJ Department of Banking and Insurance encourages all insurers to relax due dates for premium payments, extend grace periods, waive late fees and penalties, allow forbearance with regard to the cancellation/non-renewal of policies, allow payment plans for premium payments, and exercise judicious efforts to assist affected policyholders and work with them to make sure that their insurance policies do not lapse. Any grace period granted is not intended to change the terms of the issued policy or be considered a forgiveness of the premium. Rather, it is intended that the insurer grant the policyholder an extended grace period for the payment of premium due without penalty or interest.
Loss Mitigation and Claims
Arch MI affirms our support for all forbearance and loss mitigation programs to be initiated by Fannie Mae and Freddie Mac.