Specialized Business Software, a provider of custom software solutions for insurance, mortgage and financial services companies, announced the release of its web-based X12 EDI Translator.
Read More »Obama Administration Budget Includes Potential FHA Bailout
The Obama administration released Wednesday its budget proposal for fiscal year (FY) 2014, revealing that the Federal Housing Administration (FHA) may require a bailout of up to $943 million to reinforce its capital reserves. In a conference call with reporters, HUD Secretary Shaun Donovan explained the agency has taken steps to ensure safer new business and to increase recoveries on the older, riskier loans that brought its Mutual Mortgage Insurance (MMI) Fund to a negative balance.
Read More »MGIC, INTEGRA Partner to Offer Insurance Through LOS Platforms
Mortgage Guaranty Insurance Corporation (MGIC) announced the availability of mortgage insurance through INTEGRA Software Systems' loan origination software (LOS) systems.
Read More »CFPB Strikes Settlement with Mortgage Insurers Over Alleged Kickbacks
The Consumer Financial Protection Bureau(CFPB) announced enforcement actions against four mortgage insurers who allegedly gave kickbacks to lenders in exchange for business. CFPB proposed consent orders against Genworth U.S. Mortgage Insurance Corporation (USMI), Mortgage Guaranty Insurance Corporation (MGIC), Radian Guaranty Inc., and United Guaranty Corporation (UGC) for their alleged roles in kickback arrangements. The proposed orders require the companies to pay $15.4 million in penalties to the bureau.
Read More »Private Mortgage Insurance Activity Slides in February
New private mortgage insurance business dipped in February, according to a monthly statistics report from Mortgage Insurance Companies of America (MICA), a trade association representing the industry. The report includes statistical data from three MICA member companies: Genworth Mortgage Insurance Corporation, Mortgage Guaranty Insurance Corporation, and Radian Guaranty Inc.
Read More »MGIC Mortgage Insurance Available Through LoanSifter
Mortgage Guaranty Insurance Corporation (MGIC) is now offering insurance rates and eligibility to lenders through LoanSifter, the Wisconsin-based mortgage insurer announced.
Read More »Representatives Reintroduce Legislation to Restore Strength to FHA
The FHA Emergency Fiscal Solvency Act, introduced by Rep. Maxine Waters (D-California) and sponsored by Rep. Michael Capuano (D-Massachusetts), is designed to give FHA more flexibility to take action against originators who engage in faulty underwriting or who have high loan losses. Additional measures include authorizing the agency to require indemnification for improperly written loans. The House committee has held several hearings recently to examine FHA following the news that the agency may require a taxpayer bailout.
Read More »LPS Launches New Mortgage Insurance Products via Loan Quality Gateway
Lender Processing Services, Inc., (LPS) announced the launch of new mortgage insurance (MI) products through the LPS Loan Quality Gateway.
Read More »Private Insurance Volume Falls in January, February Set Up for Gains
Private mortgage insurance dollar volume slipped month-over-month in January, according to data reported by Mortgage Insurance Companies of America (MICA). MICA member companies--Genworth Mortgage Insurance Corporation, Mortgage Guaranty Insurance Corporation, and Radian Guaranty Inc.--wrote $10.47 billion in primary new insurance in January, the trade association reported. That figure is down from December's reported $10.68 billion but a massive improvement over January 2012's $4.97 billion.
Read More »Origination Volume Climbs 30 Percent in 2012
Mortgage origination volume continued to climb in 2012, according to data from Mortgage Daily's 2012 Mortgage Lender Ranking. According to data collected from surveys, earnings filings, and other public disclosures, loan volume across all lending firms grew 30 percent annually in 2012. In the fourth quarter alone, Mortgage Daily reports residential originations coming in around 3 percent above third-quarter volume. Year-over-year, Q4 saw mortgage production grow 17 percent.
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