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Tag Archives: Mortgage Insurance

FHA Raises Annual Mortgage Insurance Premiums

The Federal Housing Administration (FHA) is wasting no time putting at least one of the Obama administration's housing finance reforms into place. The agency announced this week that it is implementing a new premium structure for FHA-insured mortgage loans. The agency is increasing its annual mortgage insurance premium by a quarter of a percentage point on all 30- and 15-year loans. The new structure applies to new loans insured by FHA on or after April 18, 2011.

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Housing Finance … Seven Years Down the Road

On top of the more imminent reform measures laid out Friday to begin winding down Fannie Mae and Freddie Mac, the Obama administration's proposal outlines three options for long-term reform and structuring the government's future role in housing. One approach would pull the government completely out of the mortgage guarantee business except for insurance provided through FHA. A second option would add a backstop mechanism during times of crisis to the mix. And a third option would provide an FDIC-type insurance guarantee for certain mortgage securities.

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The PMI Group Promotes Two to Deputy General Counsel

The PMI Group, Inc., a California-based provider of residential mortgage insurance and credit enhancement products, recently promoted Christopher Brunetti and William Levinthal to deputy general counsel within the company's legal department. Brunetti works on PMI's corporate and regulatory initiatives, and Levinthal supports initiatives related to mortgage insurance operations and loss mitigation.

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Private Mortgage Insurance Plays Supporting Role in Housing Market

A recent report examining the role of private mortgage insurance reveals the instrument serves a vital role in helping to establish stability within the housing market. The study, conducted by Promontory Financial Group, provides a review of how private mortgage insurance policies protect mortgage lenders and investors against the risk of defaulted mortgages by taking on a part of that risk, and how they make private capital more readily available to a broader range of potential borrowers.

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Fitch Gives United States Title Insurance a Negative Outlook for 2011

A report from Fitch Ratings paints a negative picture for the Title Insurance Industry in 2011. According to the report, the title insurance market is severely affected by the current state of the economy, most notably the sharp decline in real estate and mortgage activity. According to the report, the title insurance market is severely affected by the current state of the economy, most notably the sharp decline in real estate and mortgage activity.

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FHA Details Loan Limits for FY 2011

The Federal Housing Administration (FHA) has issued a notice to its approved mortgage lenders outlining the loan limitations it's put in place for fiscal year 2011. According to Mortgagee Letter 10-40 issued by the federal mortgage insurer last week, for forward loans, the limits apply to those that are originated and receive credit approval between January 1, 2011 and September 30, 2011. For reverse mortgages, the limits are applicable to all loans that have been assigned an FHA case number within the stated effective dates.

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FHA’s Year-End Report Shows Cash Reserves Remain Below Legal Limit

The Federal Housing Administration says it has sustained significant losses from home loans insured prior to 2009. As a result, its capital reserve ratio remains below the threshold mandated by law. The agency has $4.7 billion in cash reserves, which equals 0.5 percent of outstanding single-family mortgages insured. The minimum requirement is 2 percent. Despite the shortfall, Commissioner David Stevens says the agency will not need a taxpayer subsidy, and he stressed that even in a worst-case scenario, there's enough money to cover claim losses.

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Bank of America Brings Suit Against Old Republic

Bank of America says Old Republic International is wrongfully withholding payment on hundreds of millions of dollars in mortgage insurance claims on loans that have defaulted. BofA has filed a lawsuit against the mortgage insurer seeking to recover more than $160 million in damages. Bank of America says between 2009 and 2010, claims paid by Old Republic under its policy fell by 75 percent and denials persist, although the mortgage insurer markets its services as protecting lenders ""against default loss for virtually any reason.""

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Genworth Now Accepting FHA Appraisals for Underwriting

The mortgage insurance division of Genworth Financial, Inc. now accepts Federal Housing Administration (FHA) appraisals as part of its conventional mortgage underwriting process. Available to lenders who are approved to do business with Genworth Mortgage Insurance, appraisals originally completed for an FHA loan can now be used for a conventional Genworth-insured loan. The company says this new arrangement allows it to underwrite conventional applications in as little as 48 hours at no additional cost to the borrower.

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Bank of America and Fidelity National Reach Agreement for REOs

Bank of America and Fidelity National Financial have come to an agreement regarding the foreclosure paperwork issues that have plagued several of the largest lenders in the past weeks. Fidelity will continue to provide title insurance for BofA's foreclosed properties and defend new homeowners in court if title issues arise. The bank has agreed to cover all court related costs and settlements resulting from lawsuits surrounding title issues. The news comes just as Bank of America has announced that it will resume foreclosures in 23 judicial states beginning October 25th.

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