UPS Overview

We’re happy to provide customers with our Underwriting Policies and Standards (UPS). The purpose of this document is to provide a transparent, comprehensive overview while assisting Lenders with the steps involved in obtaining mortgage default insurance.

How is the UPS used?

This document is not meant to serve as a replacement for the underwriting practices and procedures that Lenders should maintain for their own business. Lenders should have their own standard underwriting practices and procedures in line with industry best practices and their own risk tolerance. Our Underwriting Polices and Standards represent the minimum standards we require for mortgages that will be insured by Sagen.

Who is it for?

The UPS can be used by our customers to better understand the policies and standards to assess the required qualifications and risk assessment when submitting an application for Sagen Mortgage Insurance.

What should I know about the UPS?

Mortgage default insurance is granted based on the facts specific to each file. Adherence to the practices set out in the UPS does not guarantee that insurance will be granted in respect of any particular file, does not serve to provide claims certainty, and does not validate that sufficient due diligence has been completed in relation to any particular file. A Lender’s standard underwriting procedures should ensure that applications meet its underwriting standards and Sagen’s Underwriting Standards, as set out in the UPS and do not serve to alter, amend, or waive any of the terms of Sagen’s master policy, endorsements or agreements with Lenders.

How do I use it?

There are several different ways to search within the UPS. The search functions will bring you to key areas of the documents related to your specific search based on the words entered in the search function. You can also search by topic or by popular searches, both found on the UPS landing page.

How often is it updated?

Sagen will update the UPS from time to time to reflect the ongoing evolution of is underwriting practices. Sagen will inform Lenders of updates to the UPS either directly or by providing updates on the Sagen website.

What if I have further questions on a policy?

If you’re unable to find what you’re looking for or have further questions on the UPS, please don’t hesitate to contact Sagen.