NU Online News Service, March 14, 2005, 3:15 p.m. EST
A Baltimore insurer is making it easier for home buyers to protect lenders against mortality risk.[@@]
The insurer, Fidelity and Guaranty Life Insurance Company, has introduced the Accept/Reject Underwriting program for mortgage life customers.[@@]
Home buyers now can qualify for mortgage life and a disability rider by participating in underwriting interviews over the telephone, rather than by submitting statements from their personal physicians, Fidelity & Guaranty says.
Underwriters will use information from applications, telephone interviews and the MIB Group Inc., Westwood, Mass., to decide whether to accept applicants or reject them.
In addition to eliminating use of physician statements, the program now offers simplified underwriting through Table 4 for applicants up to age 65, Fidelity & Guaranty says.
Fidelity & Guaranty is a unit of Old Mutual P.L.C., London.