With the acquisition of United Guaranty Corporation, Arch Capital Group will move forward with its plans to expand its footprint in the private mortgage insurance.
Read More »CFPB Files Complaints Against Mortgage Insurers for Alleged Kickbacks
The CFPB took action against four mortgage insurance companies who gave kickbacks to lenders in exchange for business. The CFPB filed complaints and proposed consent orders against Genworth U.S. Mortgage Insurance Corporation, Mortgage Guaranty Insurance Corporation, Radian Guaranty Inc., and United Guaranty Corporation for their alleged roles in kickback arrangements. ""The orders announced today put an end to these types of arrangements and require these insurers to pay more than $15 million in penalties for violating the law,"" said CFPB director Richard Cordray.
Read More »UGC Gives Fannie Mae Blanket Delegation of Authority
As of Wednesday, Fannie Mae has blanket delegation of authority on behalf of all servicers from United Guaranty Corporation, the GSE announced. Servicers can now apply Fannie Mae's guidelines and process a pre-foreclosure sale or deed-in-lieu of foreclosure in connection with Fannie Mae-owned or guaranteed loans without obtaining approval from UGC.
Read More »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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