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National Mortgage Insurance Corp. Receives Approval in New York

""National Mortgage Insurance Corporation"":http://www.nationalmi.com/ (National MI) is now approved to write mortgage insurance in 22 states, having recently gained approval in the key state of New York.

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National MI is a new company founded by Bradley Shuster (president and CEO) and Jay Sherwood (EVP and CFO) and funded by its parent company, the California-based National Mortgage Insurance (NMI) Holdings, Inc., which raised $550 million in private capital in 2012 for the venture.

National MI has applied for licensing in all 50 states and the District of Columbia (which also approved). The company is also seeking approvals from Fannie Mae and Freddie Mac to commence writing insurance.

Together, the 23 approving jurisdictions represent 52 percent of the potential private mortgage insurance market in the country, according to National MI's estimates.

More importantly, however, getting approval in New York moves the new insurer closer to its targeted Q1 2013 launch.

""We've made great strides in our goal to provide mortgage insurance to home buyers throughout the country, as evidenced by our approval in a substantial number of states with significant market share,"" Shuster said.

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