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Tag Archives: PMI

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.

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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.

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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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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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PMI Says Risk of Home Prices Heading Lower Diminished Slightly

The chances of home prices falling further lessened in the first quarter of 2010 compared to the previous quarter, according to a new study from mortgage insurer the PMI Group. The company's U.S. Market Risk Index assesses the probability that the price of homes will be lower at the end of the next two years, and it dropped by nearly two full basis points. It was the third consecutive quarterly decrease in the overall reading, and PMI says it signals ""continued improvement in the housing market.""

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