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Mortgage Insurance News | Mortgage Insurance Statistics

Mortgage Insurer Quitting Contract Underwriting

PMI to end contract services April 15

March 16, 2009

By MortgageDaily.com staff


A new business strategy has one major mortgage insurer canceling its contract underwriting services.

PMI Mortgage Insurance Co. notified its customers Friday about the move.

"PMI continues to carefully evaluate the strategic services we provide for the industry," a letter to one customer said. "As we focus on our core mortgage insurance business, we have made the decision to discontinue providing contract underwriting services."

The exit is effective April 15, and all loans must be submitted for underwriting by April 10.

A PMI spokesman said around 35 full-time positions and fewer than 50 temporary jobs are impacted by the move. Some affected employees could find employment in other departments, and some temporary workers may find other assignments at the lender they are currently associated with.

Headcount before the layoffs was 700 full-time employees.

PMI said the letter served as written notice to parties that entered into an underwriting services agreement, "side letter," vendor services agreement or other agreement with the Walnut Creek, Calif.-based insurer.

"We continue to welcome your loans that require mortgage insurance underwriting at our two regional operations centers located in Illinois and Texas," the letter stated.

Last month, PMI abandoned third-party originated business.

The strategic moves come as policies written on an industry-wide basis sank in November to the lowest level on record and defaults reached 106,484 in January -- the highest since at least 1999 based on the oldest available data.

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