Arch MI Supports Customers Affected by Hurricane Laura and the California Wildfires
Following the significant damage caused by Hurricane Laura and the wildfires in California, Arch MI affirms our support for all forbearance and loss mitigation programs initiated by Fannie Mae and Freddie Mac.
Arch MI has given 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.
Additionally, Arch MI supports moratoriums issued by Fannie Mae and Freddie Mac and directives issued by the affected states’ insurance offices.
Arch MI is fully compliant with Louisiana’s Emergency Rule 45, which provides for the suspension of certain statutes, including those regarding cancellations, terminations, non-renewals and non-reinstatements, premium payment, claim filings and related provisions relative to all kinds of insurance and all types of insurers doing business in Louisiana who have insureds residing in Louisiana in the 16 parishes affected by Hurricane Laura and its aftermath, and other related matters.
Arch MI recognizes these are very difficult times for homeowners coping with these catastrophic events. We stand together with the servicing community in the implementation of 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.