Tag Archives: Mortgage Insurance

Despite efforts to shore up its insurance fund, the Federal Housing Administration (FHA) is likely to seek a Treasury draw of nearly $1 billion to help cover losses from bad loans. "Sources familiar with the matter" told Reuters Wednesday the agency may need to take a bailout for the first time in its history. While no definitive numbers were given, the White House predicted in its budget earlier this year that FHA may need up to $943 million.

According to data released by Mortgage Insurance Companies of America (MICA), member companies issued 50,575 policies to start the year's second half, up from 49,666 in June and 39,192 in July 2012. Dollar volume of primary new insurance written totaled $13.0 billion, marking the fifth straight month of gains. (Despite a decline in policies issued in June, dollar volume still saw an increase to $12.3 billion). Total primary insurance in force was $413.0 billion as of the end of July, the companies reported.

In an effort to streamline the mortgage insurance application process, Mortgage Guaranty Insurance Corporation (MGIC) introduced several changes to its underwriting guidelines.

June saw a decline in the number of private mortgage insurance policies issued, though dollar volume for those policies increased, according to the latest monthly report from Mortgage Insurance Companies of America (MICA). Member companies issued a combined 49,666 insurance certificates, down from 52,545 in May. June's decline was the first since February. While policies fell, dollar volume rose, jumping to nearly $12.3 billion from May's $12.0 billion.

The Senate Banking Committee unveiled on Monday a discussion draft of "The Federal Housing Administration [FHA]" Solvency Act of 2013," a new bill designed to provide the agency with tools to strengthen underwriting, make lenders more accountable, and bolster its reverse mortgage program. The bipartisan bill was introduced by Sens. Mike Crapo (R-Idaho) and Tim Johnson (D-South Dakota), who praised FHA's role in preventing a more severe housing crash but said action is needed to repair the agency's situation.

Private mortgage insurance business saw a sharp increase for the third straight month in May, according to a monthly report from Mortgage Insurance Companies of America (MICA). Together, member companies issued 52,545 certificates on new mortgage loans totaling more than $12.0 billion in volume. The increase in volume comes as little surprise, given the rising trend in applications received over the last several months. With applications totaling 55,535 in May, activity should continue to improve.

Activity in the private mortgage insurance sector picked up in April, according to monthly statistics from Mortgage Insurance Companies of America (MICA).

LendingQB announced the implementation of mortgage insurance (MI) underwriting guidelines into its automated system, giving users the ability to automatically check MI eligibility and pricing.

Mortgage Insurance Companies of America (MICA) reported a lift in business in March, with dollar volume rising both month-over-month and year-over-year. At the same time, the number of private mortgage insurance applications received by MICA members totaled 43,278 in March, up from 36,793 in February and 32,540 in March 2012. March's application volume was the highest since last October, when MICA members reported receiving 46,045 applications.

Genworth U.S. Mortgage Insurance (USMI), a unit of Richmond-based Genworth Financial, announced a redesigned Commitment/Certificate of Insurance intended to make it easier for customers to understand information about their mortgage insurance.