Category Archives: pmi

Mortgage Insurers Suffer Big Losses

From the Washington Post: Those losses have also dinged their relationships with mortgage-financing giants Fannie Mae and Freddie Mac, which the insurers depend on for business. The mortgage insurance industry is dominated by a half-dozen large firms that insure loans … Continue reading

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PMI Abuse

Dale Mayer writes in The Home Mortgage Book: PMI is also a hot issue that has been addressed through litigation because it was often abused by unscrupulous lenders. Today a lender must explain to you at closing how to cancel … Continue reading

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It’s Tougher To Get Private Mortgage Insurance

From the Wall Street Journal: Mortgage insurers have been dramatically tightening their standards throughout the nation, further squeezing potential home buyers. Stung by growing defaults, lenders are offering borrowers fewer ways to avoid purchasing private mortgage insurance. The insurers face … Continue reading

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Private Mortgage Insurance

Dale Mayer writes in The Home Mortgage Book: PMI is insurance taken out on a loan to protect the lender from losing money in the transaction. It is common knowledge in the mortgage industry…that people who cannot afford to put … Continue reading

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PMI ARM FAQs

Julie Garton-Good writes in her 2008 book "All About Mortgages" that PMI (private mortgage insurance) can allow you to buy a more expensive home (by as much as 40%). The cost is usually less than .5% of the loan amount. … Continue reading

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PMI & Refinance

From the Washington Times: I recently applied to refinance my ]adjustable-rate mortgage to a fixed rate. My mortgage balance is about $348,000. Is there anything that can be done if I want to fix my ARM to avoid paying private … Continue reading

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Lenders, Insurers More Cautious

Holden Lewis writes: In recent weeks, mortgages quietly became harder to get. Mortgage insurers require higher credit scores and bigger down payments than they did a month or two ago. It helps to have a high credit score. Bob Moulton, … Continue reading

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Mortgage Insurance Returns

From Housing Wire: It’s this simple: when a mortgage exceeds 80 percent of a home’s value, the GSEs are required by charter to have credit support on the portion of the loan above 80 percent in the form of mortgage … Continue reading

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Making Your Low Down Payment Work For You

(ARA) – As spring home buying season begins, financing options remain available for borrowers who do not have the traditional 20 percent down payment.   The tax deduction was first approved by Congress in late 2006 and applied to loans … Continue reading

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Bleak Profit Outlook For PMI

From the AP: Fitch placed the "AA" insurer financial strength rating of Genworth Mortgage Insurance Corp. and its affiliates on watch for possible downgrade. Fitch downgraded the IFS rating of MGIC Investment Corp.’s mortgage insurance subsidiary Mortgage Guaranty Insurance Corp. … Continue reading

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