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Tag Archives: Mortgage Insurance

FHFA Seeks Comments on Private MI Requirements

The Federal Housing Finance Agency (FHFA) released a draft for new eligibility requirements for private mortgage insurers who insure mortgage loans owned or guaranteed by Fannie Mae and Freddie Mac. The agency is seeking comments on the draft and will accept input through September 8.

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NAR: HAWK Program Could Do More

In a letter sent to HUD, the National Association of Realtors reiterated its appreciation for the Federal Housing Administration's (FHA) efforts to provide reduced mortgage insurance premiums to first-time homebuyers but complained about the high mortgage insurance premiums and counseling fees that come along.

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Half of Millennial Buyers Plan to Seek Help from Parents

According to a consumer survey conducted by Trulia, 60 percent of American adults age 18–34 say a lack of savings, poor credit, and severe debt stand between them and homeownership. As a result, 50 percent would have to ask for help from their parents or grandparents to put together enough money to clear the initial hurdle of making a down payment.

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Mortgage Insurance Costs Catch Home Shoppers Unaware

According to research results put out by TD Bank, 37 percent of homeowners who purchased within the last decade required MI. 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. Of those who have had to go with insurance, 65 percent said the additional premium left them paying more than they had originally anticipated.

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Audit Finds Room for Improvement in FHFA’s Insurer Oversight

In a recent audit of the Federal Housing Finance Agency's practices commissioned by the agency's inspector general, CohnReznick found that FHFA has "opportunities to further strengthen its oversight of the Enterprises' monitoring of the financial condition of mortgage insurers and their related risk exposure."

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Realtors Urge FHA to Change Rules on Premiums

In a letter addressed Tuesday to FHA commissioner Carol Galante, National Association of Realtors (NAR) president Steve Brown says the administration’s decision to increase annual mortgage insurance premiums and to require mortgage insurance over a loan’s entire life are putting home purchases “increasingly out of reach for many qualified borrowers who rely on FHA financing.”

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Private Mortgage Insurers Launch New Trade Group

Six of the nation’s leading active mortgage insurance (MI) companies announced Monday the formation of a new trade association: U.S. Mortgage Insurers (USMI). Founded by member companies Arch MI, Essent, Genworth MI, MGIC, National MI, and Radian Guaranty, the new organization replaces Mortgage Insurance Companies of America (MICA), which wound up operations earlier this year.

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JPMorgan to Pay $614M Over False Claims

The Justice Department and JPMorgan both announced Tuesday that the bank will pay $614 million in restitution for violations of the False Claims Act. The government claims that starting as early as 2002, the firm knowingly originated and underwrote non-compliant loans submitted for insurance coverage and guarantees by the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA). As a consequence, the DoJ says FHA and VA ""incurred substantial losses when unqualified loans failed.""

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