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Tag Archives: Mortgage Guaranty Insurance Corp

Business Declines for Private Mortgage Insurers

A total of 38,908 insurance certificates for borrowers seeking to buy or refinance a home were issued by members of Mortgage Insurance Companies of America (MICA) in October. That number sits lower than most other months of 2013 and is nearly 4,000 less than last October. At the same time, dollar volume on insurance written throughout the month was the lowest since May 2012.

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September Sees Drop in New Private Mortgage Insurance

Member firms of Mortgage Insurance Companies of America (MICA) issued a combined 37,501 new mortgage insurance policies with a dollar volume of $9.6 billion in September. Private mortgage insurers' new business for the month represents a drop from the 46,051 new policies issued in August and tracks a drop in August application volume of more than 5,000.

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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.

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MGIC Releases Report on Cures, Delinquencies for September

In September, Mortgage Guaranty Insurance Corporation (MGIC) wrote $2.2 billion in primary mortgage insurance. MGIC, which is a principal subsidiary of MGIC Investment Corporation, also reported it began the month with 150,388 loans in delinquent inventory and ended with 148,885 loans.

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Freddie Mac Revises MGIC Obligations

MGIC Investment Corporation is on its way to resolving stipulations set forth by Freddie Mac in order for the insurance company to continue issuing insurance. MGIC announced that Freddie Mac reduced the amount MGIC Investment Corporation must pay to its subsidiary from $200 million to $100 million. The GSE also extended the deadline for this contribution from the end of September to the end of December.

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Private MI Activity Up Despite Concerns About Future

The number of borrowers using private mortgage insurance (MI) keeps going up, according to Friday's monthly statistics release from Mortgage Insurance Companies of America (MICA). MICA's member companies--which include Genworth Mortgage Insurance, Mortgage Guaranty Insurance, and Radian Guaranty--reported a total of $397.5 billion in primary insurance in force for August, an increase from $396.4 billion in July. The total primary insurance in force received a boost from reported month-to-month increases in dollar volume, certificates issued, and applications.

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