Live Insurance News

FHA set to reduce mortgage insurance premiums

January 14, 2015January 13, 2015 Marc

Federal agency has plans to significantly reduce mortgage insurance premiums in the near future The U.S. Federal Housing Administration (FHA) has announced plans to cut mortgage insurance costs. The move is part of a larger endeavor that involves making it easier for families to purchase homes throughout the country. The FHA has a program that offers those with modest incomes the chance to purchase homes. This program is designed to support those that do not have enough money to make a significant down payment on a property. Insurance coverage for…

Mortgage insurance sector sees improvements from housing market growth

March 7, 2013March 7, 2013 G. Turner

This sector of the industry is experiencing considerable benefits from the steady increase in real estate activity. Radian Group and MGIC Investment have experienced a boost this year as the data that supports the recovery for the American housing market continues to be collected, and is indicating that the mortgage insurance sector of the industry is experiencing measurable improvements. Two important reports were issued last week that show that home prices and sales in the U.S. are improving. The report entitled Research Driven Investing looked more deeply into the various…

FHA mortgage insurance increases but likely won’t affect the housing market

April 11, 2012 Live Insurance News

Mortgage insurance on the rise but will it effect the market? Beginning on April 10, 2012, insurance rates for the federal housing administration (FHA) mortgages have increased from 1 percent to 1.75 percent, which will lead to a slight increase in the amount that home buyers will be paying. This is the fourth FHA borrowers’ increase in the last three years. The change was created to bring in more than a billion dollars to the federal government by September of this year. This will cause some impact on the actual…

Fannie Mae takes charge on forced-place insurance, announces changing of rules

March 8, 2012March 8, 2012 Nordstrom

The issue of force-placed insurance has been thrust into the limelight this week by the Federal National Mortgage Association, more commonly known as Fannie Mae. Forced-placed insurance is a practice that some insurance companies and banks utilize to force homeowners to purchase expensive insurance policies. In New York, insurance regulators have been investigating the issue in the local industry. Spurred by state, federal and consumer attention, Fannie Mae has announced that it will be changing the rules concerning forced-placed insurance. For one, the government-sponsored enterprise will be overseeing forced-placed policies…

Home refinancing to see lower mortgage insurance premiums from the Federal Housing Administration

March 7, 2012April 30, 2013

The Federal Housing Administration (FHA) has announced that it will be lowering the premiums for mortgage insurance for individuals who are refinancing their loans due to the housing market improvement strategy by President Barack Obama. The FHA has stated that it will be reducing the up-front premiums to bring them down from their former position at 1 percent, to 0.01 percent. This was indicated in a fact sheet that the Obama Administration began distributing on Tuesday. According to that same fact sheet, there will also be a reduction in the…

PMI Group files for chapter 11 bankruptcy protection

November 25, 2011November 25, 2011 S.Vagus

Mortgage insurer PMI Group Inc. has filed for bankruptcy this week. The surprise move comes after Arizona insurance regulators seized control of the company amidst allegations of fraud and malpractice. The insurer sought to overturn the actions of regulators through the court system, but and Arizona judged rejected the company’s claims. The California company, whose mortgage insurance unit is housed in Arizona, is now seeking protection through bankruptcy. The company has listed a scant $225 million in assets, with more than $700 million in debt. PMI is one of the…

Regulators seize control of Arizona’s PMI mortgage insurance branch

October 24, 2011 Nordstrom

Arizona insurance regulators have seized control of a subsidiary of PMI Group, an international private mortgage insurance company. The seizure comes as the latest development in the ongoing struggle between regulatory authorities and the insurers involved in the 2008 mortgage crisis, which was a major factor in the recent economic recession. According to the Arizona Superior Court, regulators have full control of the company and will begin refunding 50% of claims beginning this week. PMI is the second mortgage insurer to be subject to such action in the U.S. When…