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Tag Archives: Mortgage Insurance

HUD Proposes Tighter Rules to Recoup Losses from FHA Lenders

HUD is recommending new regulations to force lenders to reimburse the Federal Housing Administration (FHA) for insurance claims paid on mortgages that don't meet the agency's underwriting guidelines. The proposed rule would also require all new and existing FHA lenders to meet stricter performance standards to gain and maintain their approval status. FHA, at its own discretion, without any judicial or administrative action necessary, will have the authority to immediately withdraw a lender's ability to insure mortgage loans.

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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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Old Republic Will No Longer Insure JPMorgan and GMAC REOs

Questions about the legality of foreclosure proceedings have prompted Old Republic National Title Insurance to decide it will no longer insure titles to homes foreclosed by JPMorgan Chase and GMAC Mortgage. Chase and GMAC both halted foreclosure sales in 23 states and are reviewing legal filings that they say may have been signed without a notary's presence or without verifying the supporting documents.

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Radian Gives $200,000 to HOPE LoanPort for Foreclosure Assistance

Mortgage insurer Radian Guaranty Inc. has made a $200,000 grant to HOPE LoanPort to be used by borrowers, non-profit counselors, servicers, and other organizations to improve the execution of loss mitigation activities, including those under the Home Affordable Modification Program (HAMP). Radian's contribution will be used to support HOPE LoanPort in its mission to address some of the hurdles borrowers face when seeking foreclosure alternatives.

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Genworth Reports Nearly $4.8B in Mortgages Saved from Foreclosure

Mortgage insurer Genworth Financial saved almost $4.8 billion in mortgages from foreclosure in the 12 months ending June 30, 2010. These statistics represent a nearly 80 percent increase from the same period last year. More than half of total mortgage dollars saved were the result of the administration's Home Affordable Modification Program (HAMP). Genworth reports that it completed more than 30,000 mortgage workouts nationwide during the period via its homeowner assistance program.

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