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mortgage insurance (MI)

United Guaranty Introduces New Rescission Relief Option

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United Guaranty has introduced SecureCert, a suite of five options that allow lenders to choose the maximum rescission relief available in the mortgage insurance (MI) industry—at no added cost. The Federal Housing Finance Agency (FHFA) is requiring all mortgage insurers to adopt new master policies, effective Oct.Click to continue

FHFA Seeks Input on Potential MI Changes for GSEs

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The Federal Housing Finance Agency (FHFA) is seeking input on draft requirements that would apply to private mortgage insurance (MI) companies that insure mortgage loans owned or guaranteed by Fannie Mae and Freddie Mac. These requirements would apply only to private mortgage insurers that are currently approved to do business with Fannie Mae or Freddie Mac and those seeking approval in the future.  Click to continue

Study Finds 37 Percent of Homebuyers Purchased MI Over Past Decade

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Research released by TD Bank revealed that 37 percent of those who purchased a home in the past 10 years—and 43 percent of those who did so within the last two years—required mortgage insurance (MI). Of those who required PMI (private mortgage insurance), 65 percent said that the addition of a mortgage insurance premium left them paying a higher monthly mortgage payment than they originally expected.Click to continue

Mortech Adds LPMI Products to Mortgage Pricing Engine

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Mortech, a Zillow business providing mortgage technology software solutions for mortgage bankers and secondary market teams, has announced the release of new LPMI products and functionality to the suite of Consumer Financial Protection Bureau (CFPB) compliance tools built into Mortech’s Marksman product and pricing engine. Mortech released the compliance tools last November to allow loan originators to manage compliance upon intake, prior to the loan application entering the loan origination system, and has been adding functionality since then.Click to continue

Dinosaurs May Not Rule the Earth, but They Are Still Around

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Well sure, you don’t see any 50-ton Triceratopses rummaging through your garbage at night, but they are around. They just look different now. Sharks evolved about 350 million year ago and they are still terrorizing beach resorts, right? Alligators came on the scene about 200 million years ago. Take a stroll through the Florida Everglades slathered in chicken fat. My point is, you can still be a dinosaur in a mammalian world. You just have to learn to change a little.Click to continue

United Guaranty Makes Enhancements to its Mortgage Insurance

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United Guaranty has announced the introduction of a new first lien mortgage insurance (MI) master policy that strengthens customer relationships with a first-in-the-industry Policy Commitment Letter—specific to each lender—that clearly defines each party’s roles and responsibilities, adding certainty and flexibility. United Guaranty’s master policy has been approved by Fannie Mae and Freddie Mac and has been filed in all 50 states and the District of Columbia.Click to continue

CFPB Targets PHH Mortgage for MI Kickback Scheme

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The Consumer Financial Protection Bureau (CFPB) has initiated an administrative proceeding against PHH Corporation and its affiliates (PHH), alleging that PHH harmed consumers through a mortgage insurance (MI) kickback scheme that started as early as 1995. The CFPB is seeking a civil fine, a permanent injunction to prevent future violations, and victim restitution.Click to continue

Freedom Mortgage Expands MI Options for Borrowers

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Freedom Mortgage Corporation has expanded its mortgage insurance options for borrowers. The company, which has relationships with the country’s private mortgage insurance providers, has increased its number of approved mortgage insurance providers in an effort to help more borrowers qualify for mortgages in the current purchase-driven market.Click to continue

National MI Receives Top Honors for Its Web Site

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NMI Holdings Inc., the parent company of National Mortgage Insurance Corporation (National MI) hs announced that National MI has been named to the Web Marketing Association’s list of “Outstanding Websites” for its site, www.NationalMI.com. Since 1997, the WebAwards annual competition has set industry benchmarks for the best web sites around the world.Click to continue

Risk Reveal From Equifax Sheds Light on Potential Risk

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Equifax has announced the availability of Risk Reveal, an automated technology that scans closed loans investors receive from their delegated correspondent lenders to reveal the ones that may pose potential risk. To better mitigate risk, ensure loan quality and drive profitability, investors need more transparency into the credit activity of borrowers during the underwriting process.Click to continue