Home / Tag Archives: Mortgage Insurance (page 10)

Tag Archives: Mortgage Insurance

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.

Read More »

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.

Read More »

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.

Read More »

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.

Read More »

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.

Read More »

United States Sues Deutsche Bank for $1B over Defaulted Mortgages

The U.S. government has filed a lawsuit against Deutsche Bank and its mortgage unit, claiming that Germany's largest bank ""repeatedly lied"" to get into a program to select mortgages to be insured by FHA against default. Once part of the program, U.S. authorities say Deutsche Bank ""recklessly"" selected mortgages that violated the program rules ""in blatant disregard"" of whether borrowers could make their mortgage payments. The U.S. government is seeking $1 billion in damages and penalties.

Read More »

PMI Expands LTVs and Credit Scores in Distressed Markets

PMI Mortgage Insurance Co. is seeing signs of strengthening in markets the firm classifies as ""distressed,"" enough so that the private mortgage insurer is relaxing its requirements for loan-to-value (LTV) ratios and minimum credit scores. PMI also announced that it has removed four markets from its ""Distressed Markets List,"" however the mortgage insurer plans to add the entire states of Arizona and Florida to the list in July. The company's analysts have also updated their forecast for sales of existing homes and price projections.

Read More »

Genworth Financial Saves $6.6B in U.S. Mortgages from Foreclosure

Genworth Financial, a mortgage insurer based in Richmond, Virginia, saved $6.6 billion in U.S. mortgages from foreclosure last year, according to the company's latest Foreclosure Prevention Scorecard. Compared to 2009, when the company saved $2.6 billion, that's an increase of more than 153 percent. Genworth says it provided nearly 40,000 workouts to distressed borrowers last year, saving each, on average, more than $195,500.

Read More »

HUD Losses From Noncomplying FHA Loans Top $11M

HUD's Office of the Inspector General (OIG) reviewed more than 250 loans from 15 lenders and found that nearly half of those loans did not meet the Federal Housing Administration's (FHA) guidelines. The OIG launched Operation Watchdog in January 2010 to examine loans from the lenders and found areas of noncompliance, including misstatements of a borrower's income, liabilities, and credit history, which resulted in actual or expected FHA losses on default claims of more than $11 million.

Read More »

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.

Read More »