COVID-19 Related News and Resources
The spread of COVID-19 has created an unprecedented business environment, impacting real estate markets and mortgage lending operations across the U.S.
At Arch MI, we are doing everything we can to protect employees and customers by strictly limiting personal contact. Our teams have shifted to providing customer service through phone calls, email and online video conferencing.
We are focused on ensuring minimal disruption to normal business processes while still providing the necessary resources to support our customers and their borrowers. You can count on us as a partner through these uncertain times.
In response to the COVID-19 crisis, the GSEs, Fannie Mae and Freddie Mac, have instituted temporary underwriting requirement flexibilities.
Check our customer announcements for details of Arch MI’s alignment with the updates below.
For more information, visit our Underwriting webpage.
COVID-19 Related Customer Announcements
CUA 2020-11 – COVID-19 — Updates and Extensions to Temporary Underwriting Requirements
CUA 2020-09 – COVID-19 — Extension and Updates of Temporary Underwriting Requirements
CUA 2020-08 – COVID-19 — Extension of Temporary Underwriting Requirements
CUA 2020-07 – COVID-19 — Temporary Underwriting Requirements for Members Using Self-Employment Income to Qualify
CUA 2020-06 – COVID-19 — Temporary Underwriting Requirements for Members with Existing Mortgages
CUA 2020-05 – COVID-19 — Updates to Temporary Underwriting Requirements
CUA 2020-04 – COVID-19 — Additional Temporary Underwriting Requirements
CUA 2020-03 – COVID-19 — Additional Temporary Underwriting Requirements
CUA 2020-02 – COVID-19 — Arch MI’s Temporary Underwriting Requirement Flexibilities
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 [email protected].
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.
For more information on Loss Mitigation and Claims, visit our webpage.
Forbearance loans that are showing 45 days past due in your system should be reported as delinquent to Arch MI. If your company reports delinquencies through an ADR file, any COVID-19 affected loans should be reported with Non-Pay Code 12. If you report delinquencies via CONNECT, please choose National Emergency Declaration/Energy Cost in the drop down under Non-payment Reason.
If for any reason, you are unable to report the non-pay reasons above, please send a spreadsheet of all loans affected by COVID-19 to [email protected]. This will enable us to accurately track COVID-19 affected delinquencies in our system.
*If your company also sends MILAR reporting to Arch MI, please use Reason for Delinquency 12 for all COVID-19 affected loans.
For more information on Default Reporting, visit our webpage.