Home / Tag Archives: Mortgage Insurance (page 5)

Tag Archives: Mortgage Insurance

Do Natural Disasters Lead to Loan Default?

Homeowners whose homes are located in designated flood zones are required to purchase flood insurance, and others in areas where natural disasters are common may also be required to insure against those risks. However, CoreLogic economists recently asked if that is enough to guard against these risks. In particular, they asked, are homeowners more likely to default when natural disaster strikes? The answer, in short, is ""yes.""

Read More »

Report: FHA’s Financial Woes May Be Greater than Prior Estimates

A House panel is investigating what it believes is an attempt by Federal Housing Administration (FHA) officials to cover up the full details of the agency's financial troubles regarding its Mutual Mortgage Insurance (MMI) Fund. The House Oversight and Government Reform Committee reviewed emails between FHA and IFE Inc., the firm that conducted the agency's actuarial report last year.

Read More »

Private Mortgage Insurers Report Improvements in March

Mortgage Insurance Companies of America (MICA) reported a lift in business in March, with dollar volume rising both month-over-month and year-over-year. At the same time, the number of private mortgage insurance applications received by MICA members totaled 43,278 in March, up from 36,793 in February and 32,540 in March 2012. March's application volume was the highest since last October, when MICA members reported receiving 46,045 applications.

Read More »

HUD Secretary Speaks on Possibility of FHA Bailout

The Obama administration released Wednesday its budget proposal for fiscal year (FY) 2014, revealing that the Federal Housing Administration (FHA) may require a bailout of up to $943 million to reinforce its capital reserves. The agency has drawn fire in recent months over the losses it took from insuring risky loans before the crisis. In a conference call with reporters, HUD Secretary Shaun Donovan explained the ground gained from the estimated $16.3 billion shortfall to today's estimated $943 million deficit is the result of newer, safer business expected this year.

Read More »

CFPB Files Complaints Against Mortgage Insurers for Alleged Kickbacks

The CFPB took action against four mortgage insurance companies who gave kickbacks to lenders in exchange for business. The CFPB filed complaints and proposed consent orders against Genworth U.S. Mortgage Insurance Corporation, Mortgage Guaranty Insurance Corporation, Radian Guaranty Inc., and United Guaranty Corporation for their alleged roles in kickback arrangements. ""The orders announced today put an end to these types of arrangements and require these insurers to pay more than $15 million in penalties for violating the law,"" said CFPB director Richard Cordray.

Read More »

House Reps Renew Efforts to Reinforce FHA

The FHA Emergency Fiscal Solvency Act, introduced by Rep. Maxine Waters (D-California) and sponsored by Rep. Michael Capuano (D-Massachusetts), is designed to give the Federal Housing Administration (FHA) more flexibility to take action against originators who engage in faulty underwriting or who have high loan losses. Additional measures include authorizing the agency to require indemnification for improperly written loans. Lawmakers say there is clear, bipartisan agreement on the need to provide FHA with additional risk management tools.

Read More »

FHA Outlines Changes to Manage Risk, Protect MMI Fund

Keeping her promise to Senator Bob Corker (R-Tennessee), Federal Housing Administration commissioner Carol Galante announced a series of changes that will allow the agency to better manage risk and strengthen its anemic Mutual Mortgage Insurance (MMI) Fund. The first major change will be the consolidation of FHA's Standard Fixed-Rate Home Equity Conversion Mortgage (HECM) and Saver Fixed Rate HECM pricing options. In addition, the agency plans to increase its annual mortgage insurance premium (MIP) by 0.10 percent for most new mortgages and by 0.05 percent for jumbo loans.

Read More »

National MI Approved as Eligible Mortgage Insurer by GSEs

Fannie Mae and Freddie Mac approved National Mortgage Insurance Corporation as an eligible mortgage insurer, the new private insurer announced. According to National MI, the GSEs have indicated they will be ready to accept loans insured by the company in the second quarter of 2013.

Read More »