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Tag Archives: Mortgage Insurance

Survey: Mortgage Insurance Costs Negatively Impacts Homeowners

New Homes

According to research results put out by TD Bank, 37 percent of homeowners who purchased within the last decade required mortgage insurance. Looking at just the last two years, that number is up to 43 percent, reflecting the troubles buyers are having meeting normal down payment minimums as home prices march up.

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FHFAOIG Audits GSEs’ Mortgage Insurers

The Federal Housing Finance Agency (FHFA) Office of the Inspector General (OIG) performed an audit on the financial conditions of mortgage insurers used for loans purchased by Fannie Mae and Freddie Mac to assess their exposure to risk. The FHFA, as the regulator for Fannie and Freddie, provides oversight of the GSEs and contracted CohnReznick LLP to perform the audit.

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Mortgage Insurance Delinquencies Decline in February

Short Sales

Radian Guaranty released data for primary mortgage insurance delinquencies for the month of February on Wednesday, reporting fewer loans are delinquent as of the end of the month. New insurance written for the month came in at $1.9 billion, with a beginning primary delinquent inventory of 58,782.

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HUD Defines Two Types of Qualified Mortgages

HUD has issued a newly revised definition for Qualified Mortgage (QM) which will affect all Federal Housing Administration (FHA) loans moving forward. The new rule goes into effect January 10, 2014, and will apply to mortgages that are insured, guaranteed, or administered through HUD. The agency's version of QM builds on the existing QM rule finalized by the Consumer Financial Protection Bureau earlier this year.

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FHA Updates Underwriting Guidelines for Evaluating Borrower Risk

The Federal Housing Administration (FHA) issued new guidelines for manually underwritten loan applications that should improve a lender's ability to evaluate borrowers' risk and reduce credit requirement ""overlays"" that exceed FHA's lending standards. The agency says the move will help restore its depleted Mutual Mortgage Insurance Fund from which it pays claims without forcing lenders to over-tighten credit standards.

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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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GSEs Announce New Mortgage Insurance Requirements

Fannie Mae and Freddie Mac have aligned their master policies for mortgage insurance. Among the new requirements incorporated by each GSE are provisions to facilitate faster and more consistent claims processing, specific time frame mandates, and standards for when coverage must be maintained and when it may be revoked. The new policies are expected to take effect in 2014.

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Bank of America and Freddie Mac Settle Repurchase Claims

Bank of America has agreed to pay Freddie Mac $404 million to be released from existing and future repurchase claims on approximately 716,000 loans originated in the last decade by BofA and sold to the GSE. The payment also compensates Freddie Mac for past and future mortgage insurance-related losses on the loans, but doesn't cover loan servicing obligations or private-label securities.

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CFPB Hits Private Insurer with $100K Fine

Republic Mortgage Insurance Corporation (RMIC) faces a $100,000 fine and enhanced supervision by the Consumer Financial Protection Bureau (CFPB) for allegedly offering illegal kickbacks to lenders in the form of captive reinsurance policies in exchange for business referrals, according to an announcement from the CFPB. Such activities violate federal consumer laws and have become a target area for the bureau.

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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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