More than 600 people have completed the course. It sort of demystifies the whole process. They understand and they're able to make their own decisions. Other educational services offered United Guaranty Residential Insurance Company of Greensboro, N.C., a provider of private mortgage insurance, which protects lenders and is paid for by borrowers, is one of many companies that offers educational materials and services to lenders and home buyers. United Guaranty provides educational materials for such classes.
Lenders arrange for a teacher and invite clients to the class.
United Guaranty provides a participant's manual and an instructor's guide, in English or Spanish. Then we offer a home correspondence course. Borrowers read the book, complete three required worksheets which they fax to United Guaranty, then they call the company. Once we're satisfied they have understood the matter, they get a certificate. Demand for the program has grown steadily since 1994 when United Guaranty first offered it to lenders.