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Tag Archives: Mortgage Guaranty Insurance Corp

MICA Members Write $396B in New Mortgage Insurance in May

Mortgage Insurance Companies of America (MICA) released on Friday its monthly statistical report showing that member companies reported a total of $396 billion in primary insurance in force for May. This total is down nearly $1 billion from April and is the lowest total in a year-long fall.

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MGIC Files Lawsuit Against Freddie Mac and FHFA Over Pool Dispute

MGIC Investment Corporation announced Thursday that its Mortgage Guaranty Insurance Corporation subsidiary filed a lawsuit against Freddie Mac and its conservator, FHFA. The lawsuit was filed in federal court in Milwaukee, Wisconsin, and the dispute is in regards to a disagreement over aggregate loss limit under certain pool insurance policies.

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MGIC Settles Over Allegations of Discrimination Against Women

The Justice Department settled its first lawsuit involving discrimination against women and families in the mortgage insurance industry Monday. The lawsuit was against Mortgage Guaranty Insurance Corporation (MGIC) for discriminating against women on maternity leave, a violation of the Fair Housing Act, which prohibits any discrimination in housing and mortgage lending based on race, color, religion, national origin, sex, disability, and familial status.

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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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Report: Private Mortgage Insurance Enjoys Best Month in August

Based on data from six member firms, Mortgage Insurance Companies of America (MICA) reports that the companies accounted for a total of $780.3 billion in primary mortgage insurance in force in August. The private mortgage insurance industry enjoyed its best month of the year for new business. The dollar volume of primary insurance on newly originated conventional mortgages totaled $6.4 billion. MICA's members reported that 32,215 borrowers used private mortgage insurance to buy or refinance a home in August.

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