Tag Archives: Mortgage Insurance

The legal proceedings between MBIA Insurance Corporation and Countrywide Home Loans turned into a blame game as the companies battled over liability.

Wells Fargo faces federal charges for alleged misconduct and fraud related to its role as a direct endorsement lender for the Federal Housing Administration (FHA) over a span of more than 10 years. The civil lawsuit was filed Tuesday in a Manhattan federal court and alleges Wells Fargo falsely certified the credit and underwriting quality of thousands of FHA loans it originated which later defaulted, costing the federal agency hundreds of millions of dollars.

In September, Mortgage Guaranty Insurance Corporation (MGIC) wrote $2.2 billion in primary mortgage insurance.

MGIC Investment Corporation is on its way to resolving stipulations from Freddie Mac in order to continue issuing insurance.

The number of borrowers using private mortgage insurance (MI) continues to climb, according to the latest monthly statistical release from Mortgage Insurance Companies of America (MICA). MICA's member companies - which include Genworth US Mortgage Insurance, Mortgage Guaranty Insurance, and Radian Guaranty - reported $397.5 billion in primary insurance during August, an increase from $396.4 billion in July. The total tally for primary insurance received a boost from reported monthly increases in volume, certificates issued, and applications.

Times haven├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ót been too swell for the Federal Housing Administration. That was apparent, by some accounts, when the agency raised insurance premiums for lenders of single-family mortgages in February, a choice it made to shore up its crisis-weary Mutual Mortgage Insurance Fund. Now, according to Fitch Ratings, a new tide of mortgage delinquencies and price declines may tip the fund back toward troubled waters ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô and possibly insolvency. A down-payment requirement on its may well worsen matters for the FHA.

The Consumer Financial Protection Bureau strikes once more ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô against the little guy, according to recent reports. One of those came from analysts with Moody's Investors Service on Thursday. Their report suggests that a tide of new rules from the credit bureau will likely impose "costly" and "challenging" new costs on small to midsize servicers. As for the bigger guys? Analysts say they may just walk away from the rules without a scratch. And theirs isn't the first report to say as much. Read more to learn why.

Radian Guaranty Inc. released data for primary mortgage insurance delinquencies for July, revealing growth in primary new insurance and a drop in delinquent loans. According to the release, Radian wrote $3.37 billion in primary new insurance for the month of July, an increase from $3.08 billion in June. In addition, loan delinquency was down in July, with primary delinquent inventory falling to 97,012 from 98,450 the month before. This release followed a more dismal earlier report on the company's second-quarter financial earnings.

Mortgage Insurance Companies of America released on Friday its monthly statistical report showing that member companies reported a total of $396 billion in primary insurance in force for May. This total is down nearly $1 billion from April and is the lowest total in a year-long fall. Member companies received 38,355 mortgage insurance applications for May, and 35,431 borrowers used private mortgage insurance to buy or refinance a home. Both figures are relatively large jumps up compared to flatter increases.

Three mortgage insurers wrote $7.1 billion in newly originated primary mortgage insurance in April, up from $3.7 billion last year, according to the Mortgage Insurance Companies of America. MICA said that the companies, including Genworth Mortgage Insurance Corp., Mortgage Guaranty Insurance Corp., and Radian Guaranty Inc., fielded new primary insurance from $6.7 billion in March. Some 30,575 borrowers used private mortgage insurance to buy or refinance their homes in April. The insurers reported 22,569 defaults and 20,678 cures in April.