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Tag Archives: Mortgage Insurance

Claims Recovery Financial Services Adds Consulting to Its Offerings

Claims Recovery Financial Services, LLC (CRFS), a nationwide provider of post-foreclosure claim processing management solutions, announced this week that it has begun offering a host of consulting and training services to educate, inform, and assist lenders, mortgage service companies, and financial institutions. The company says the inclusion of consulting services is a direct response to the significant turmoil within the mortgage industry that has forced lenders to bring on new personnel and provide additional training to existing staff.

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GSEs Suspend Republic Mortgage Insurance Company

Fannie Mae and Freddie Mac have suspended Republic Mortgage Insurance Company (RMIC) and Republic Mortgage Insurance Company of North Carolina as approved mortgage insurers. According to North Carolina law, mortgage insurers must maintain at least one twenty-fifth of their aggregate insured risk outstanding. RMIC fell below this amount in September 2010 but was granted waivers from the North Carolina Department of Insurance. A recent extension of the waiver is set to expire August 31.

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Recent Study Shows Insurance Lowers Default Risk

An independent study conducted by Promontory Financial Group concludes that significantly more insured mortgages have survived the housing crisis than loans with ""piggyback"" second mortgages, which has been the most prevalent alternative to the use of mortgage insurance for the past decade. The study examined almost 5.7 million mortgages originated between 2003 and 2007. Compared with insured, low downpayment mortgages, loans with piggyback second mortgages were almost 21 percent more likely to go into default.

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Private Mortgage Insurers See More Defaults Than Loan Cures

Private mortgage insurers had more new notices of default to contend with during the month of May than they had loan cures. It was the first time in four months that defaults outnumbered cures. Mortgage Insurance Companies of America (MICA) says its five members reported 44,853 defaults and 36,159 cures in May. Private mortgage insurers help loan originators and investors make mortgage funds available to homebuyers who have less than 20 percent for a down payment.

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PMI Program Rewards Servicers for Foreclosure Prevention

Mortgage insurer PMI has announced the launch of a new program to identify mortgage servicers who score high marks for keeping borrowers in their homes. These companies will benefit from certain advantages when doing business with PMI. The company has identified certain servicing best practices that play a central role in maximizing home retention and achieving positive results for borrowers, communities, and mortgage investors, alike, and PMI says servicers who follow these practices should be recognized.

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Survey: 87% of First-Time Homebuyers Don’t Foresee Payment Troubles

Prospective homebuyers cite worries about unemployment, property affordability, and the economy as issues that hold them back from jumping into the market, according to an industry survey commissioned by Genworth. But the mortgage insurer says these economic concerns have not translated into excessive mortgage stress among recent U.S. homebuyers. According to the survey, 87 percent of Americans who bought their first home in the past 12 months expect to easily meet their mortgage payment obligations in the coming year.

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PMI Shareholders Elect Directors, CEO Re-Elected Chairman

The PMI Group, Inc. recently announced that at the company's annual meeting of shareholders held last month, all 10 director nominees were re-elected to the board. Following the meeting, the board of directors re-elected PMI CEO L. Stephen Smith as chairman of the board. Shareholders also approved the amendment to the PMI Certificate of Incorporation increasing authorized common shares to 500 million shares.

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FHA Encourages Servicers to Report Loan Modifications

The Federal Housing Administration (FHA) recently announced a new mechanism that encourages servicers to report non-incentivized loan modifications using the agency's online system. A mortgagee letter will make this reporting a requirement in the future. FHA warns that servicers who miss the 60-day window for filing an incentive claim should still report modification terms or they may incur monetary damages by delaying future claims activity after the original loan maturity date automatically terminates the FHA insurance.

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Fannie Mae Approves Genworth Subsidiary for Mortgage Insurance

Fannie Mae sent a notice to its lenders and servicers Tuesday announcing that the GSE has approved a unit of Genworth Mortgage Insurance Corporation to provide mortgage insurance for conventional first mortgage loans. Yhe subsidiary, Genworth Residential Mortgage Assurance Corporation, is approved to write coverage on Fannie Mae loans in a limited number of states, which the GSE says may change over time.

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New Program Combines Coverage for Mortgage Impairment Protection

A new product from Aon Underwriting Managers will offer financial institutions that own or service mortgage loan portfolios the ability to combine insurance coverage. Aon's Global Portfolio Protection Program (GP3) offers mortgage impairment protection, mortgagee errors and omissions coverage, foreclosed/real estate-owned property and liability insurance, and force-placed hazard and flood insurance in one insurance policy.

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