RMIC supports efforts by the Treasury and GSE's to keep borrowers in their homes. Further, RMIC wishes to assist the Servicer in streamlining its processes. Effective November 1, 2010, RMIC is announcing the delegation of approval authority for a number of Treasury and GSE programs to all Servicers for loans with primary insurance with RMIC. This allows Servicers to approve and complete these loss mitigation workout options without RMIC's prior approval and simply report the action to RMIC once completed.
RMIC's delegation of approval authority for the Treasury and GSE programs below may be modified or terminated by RMIC at any time upon 15 days notice. RMIC's delegation of approval authority to the Servicer is conditioned upon the Servicer's adherence to these guidelines, including, but not limited to, RMIC's standard monthly workout reporting requirements. Failure to adhere may result in cancellation of this delegation.
Reservation of Rights
RMIC reserves all rights under RMIC's Master Policy, including the rights to perform Post Underwriting Reviews and obtain copies of Loan Files to determine if all other provisions of the RMIC Master Policy have been met.
Servicer must maintain copies of all workout documents. RMIC may, at its discretion, request additional documentation on any workout.
In order for this delegated approval to apply, Servicer must comply with all reporting guidelines. Reporting guidelines are provided for the workout options discussed below.
Please contact RMIC's Loss Mitigation Department at: RMICLossMitigation@rmic.com or 800-884-RMIC (7642); Select "1" for Claims & Loss Mitigations.
US Treasury Programs
Fannie Mae Programs
Freddie Mac Programs