AIG Launches New ‘Connective’ Business Unit [Manufacturing Close – Up]
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AIG announced it has launched a new business unit called
According to a release, the new company, which recently facilitated AIG's first correspondent mortgage purchase, draws upon AIG's investment expertise and the experience of its mortgage insurance subsidiary,
Over the past several years, United Guaranty has been using a multivariate risk-assessment model to determine the quality of individual loans in the pricing of its mortgage insurance. United Guaranty is contributing knowledge of the residential mortgage landscape to the Connective project. "With the support of AIG, United Guaranty became the mortgage insurance market-share leader with risk-based pricing products," said
Connective will establish correspondent relationships with lenders, underwrite loans, and provide support throughout the loan purchase process.
All purchases will be subject to rigorous underwriting and risk management standards. Closed loans will be purchased on a correspondent basis by the AIG companies. There are no plans for Connective to conduct any direct lending or securitization.
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