GSE Approves United Guaranty CoverEdge For Secondary Sales

United Guaranty Corp. says mortgage loans originated and closed using the company's CoverEdge underwriting process are now eligible for sale to Freddie Mac. Fannie Mae had already approved the process, and lender Real Estate Mortgage Network began pilot operations using CoverEdge in January.

The process, which features a credit and documentation analysis at loan origination and immediately after loan closing, addresses factors that can lead to denials, rescissions and payment delays when claims are filed. These include lack of documentation, loan attributes changing prior to closing, underwriting issues, and fraud and misrepresentation.

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