Mortgage Insurers Launch New Trade Group

Mortgage News

Mortgage Daily Staff

                                                 March 10, 2014

Not long after shuttering its 40-year-old trade group, the mortgage insurance industry has launched a new association. The formation comes as new business in the sector is diminishing.

The Mortgage Insurance Companies of America discontinued operations earlier this year. At the time of its demise, the organization had just three members.

Membership at MICA, which was founded in 1973, had dwindled from six member companies as of the end of 2010.

Stepping in to fill the vacuum is the U.S. Mortgage Insurers, which announced its launch on Monday.

Former MICA members Genworth Mortgage Insurance Corp., Mortgage Guaranty Insurance Corp. and Radian Guaranty Inc. are all on board with the new organization.

In addition, Arch Mortgage Insurance Co., Essent Guaranty Inc. and National Mortgage Insurance Corp. have joined the Washington, D.C.-based trade group.

American International Group Inc.-subsidiary United Guaranty Corp., which abandoned MICA in February 2011, was not listed among USMI’s members.

The co-chairs of USMI are Genworth Mortgage Insurance President and Chief Executive Officer Rohit Gupta and Essent Guaranty Executive Vice President Adolfo Marzol.

“As policymakers focus on the need to create a strong, stable housing finance system, USMI companies are strongly positioned to serve the housing finance market and are actively engaged in efforts to ensure that MI remains a reliable foundation for the future housing finance system,” Gupta said in today’s news release.

The new Washington, D.C.-based trade group opens for business as new activity at mortgage insurers is plunging. Radian reported $1.90 billion in new policies during February, the slowest month since September 2011, while MGIC said Monday that it wrote $1.5 billion in primary new insurance last month, its worst month since February 2012.

In addition, both Genworth and United Guaranty reported declines in quarterly activity.

However, Radian and MGIC have seen delinquency fall to the lowest levels in years, while loan performance also improved at Genworth and United Guaranty.

Mortgage Daily Staff

Related Posts

Third-Quarter 2012 Mortgage Litigation Index

Lawsuits involving excessive fees, servicing fees and loan fees beyond state maximums. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story Fannie Mae and Freddie Mac Orangeburg County, Richland County, South...

Net Branch Lawsuits

Litigation involving net branch operations. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story PHH Mortgage Corp. Mathews Supreme Court of Virginia na Court held that the term "branch office" includes not only...

Whistleblower Lawsuits

Litigation related to loan servicing, including escrow issues, transfer of servicing and servicing borrowers in bankruptcy and foreclosure.   Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story Bank of...

Mortgage Servicing Lawsuits

Litigation related to loan servicing, including escrow issues, transfer of servicing and servicing borrowers in bankruptcy and foreclosure. Defendant Plaintiff Court Amount Overview Case Title Case Number Date Filed Date of Activity Link to Story BAC Home Loan...

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming paperwork has been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and furniture need to...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand-new mortgage loan can be a difficult task, especially for first-time homeowners.   After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first...

Newsletter

Don’t worry, we don’t spam