Statement: New GSE Credit Insurance Pilot Program

Category: Announcements & Statements

Statement: New GSE Credit Insurance Pilot Program

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For Immediate Release

September 27, 2016

Media Contact: Dan Knight

(202) 777-3547

dknight@clsstrategies.com

 

USMI Statement on New GSE Credit Insurance Pilot Program

WASHINGTON — Lindsey Johnson, President and Executive Director of U.S. Mortgage Insurers (USMI), said the following today upon the announcement from Freddie Mac about a new pilot program involving mortgage insurers:

“For the past four years, Freddie Mac and Fannie Mae have been experimenting with a number of structures to shift risk away from the GSEs to the private markets. The program announced yesterday for an offering with affiliates of private mortgage insurers is the latest addition to this effort. While it is good to see the GSEs continue to explore ways to reduce the government’s mortgage credit risk exposure, this new offering is effectively a form of credit insurance that Freddie Mac stated builds on its Agency Credit Insurance Structure (ACIS), which is a back-end credit insurance program. While some mortgage insurers are exploring and may ultimately participate in this new credit insurance program, we believe it is important to note that this new structure should not be confused with the deep cover, true mortgage insurance front-end credit risk transfer proposal that we and others have been advocating for.

As the FHFA seeks comment through the RFI process on additional ways to do greater front-end risk sharing, USMI continues to believe that MI is one of the best, time-tested forms of credit risk protection for our nation’s mortgage finance system. We also believe that using more traditional deep cover MI would be a key component to a sound housing policy in the future. Specifically, our industry proposes expanding the current risk protection provided by MI, which today guards up to 35 percent of a loan’s value, as a means of front-end credit risk transfer. This will significantly protect taxpayers while also ensuring borrower access to low down payment mortgages. Having the GSEs increase that protection coverage would put more private capital at risk—precisely what taxpayers and the economy need. Such an entity-based program would make greater use of private capital, put the GSEs and taxpayers in a more remote loss position, allow lenders of all sizes and types to participate, and, importantly, help ensure access to affordable homeownership. As it has been for the past sixty years, private MI can be provided consistently through all economic cycles. We look forward to continuing that dialogue with FHFA, Fannie Mae and Freddie Mac, policymakers, and other stakeholders.”

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U.S. Mortgage Insurers (USMI) is dedicated to a housing finance system backed by private capital that enables access to housing finance for borrowers while protecting taxpayers. Mortgage insurance offers an effective way to make mortgage credit available to more people. USMI is ready to help build the future of homeownership. Learn more at www.usmi.org.

Press Release: USMI Names Patrick Sinks Chairman

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For Immediate Release

June 30, 2016

Media Contacts

Laura Capicotto (202) 777-3536 (lcapicotto@clsstrategies.com)

 

USMI Names Patrick Sinks Chairman

New Leadership Marks a New Chapter for the Mortgage Industry

WASHINGTON — U.S. Mortgage Insurers (USMI) today announced Patrick Sinks will serve as the organization’s new chairman. Sinks is MGIC Investment Corporation’s Chief Executive Officer (CEO) and succeeds USMI Chairman Rohit Gupta, President and CEO of Genworth Mortgage Insurance (MI). Sinks’ appointment marks a new chapter for USMI since its formation in March 2014.

“Restoring stability in the housing economy and setting a long-term course for the mortgage finance system remains a top priority among regulators, lawmakers and industry stakeholders in Washington. I am pleased to serve as USMI chairman as these issues take form given the critical role mortgage insurance plays in facilitating homeownership and protecting taxpayers from government exposure to mortgage risk,” said Sinks.

Sinks previously served as USMI’s Vice Chair. He has served as MGIC’s CEO since March 2015 and brings over three decades of experience in the mortgage insurance industry to USMI’s chairmanship. He began his career with MGIC at its primary subsidiary Mortgage Guaranty Insurance Corporation (MGIC) in 1978 as a member of the accounting team. He served in numerous roles at MGIC, including President and Chief Operating Officer of both MGIC Investment Corporation (MTG) and MGIC prior to being named CEO.

“Patrick’s wealth of experience and proven leadership are tremendous assets to our industry association and I look forward to continuing our work,” said Lindsey Johnson, President and Executive Director of USMI.  “I want to also offer my gratitude to Rohit for his dedication to USMI as one of the association’s first chairmen. We are very appreciative of the time and devotion he has given to the organization and value his continued role on our board of directors.”

Bradley M. Shuster, who is the Chairman of the Board and Chief Executive Officer for NMI Holdings, Inc., will take over as Vice Chair for USMI.

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U.S. Mortgage Insurers (USMI) is dedicated to a housing finance system backed by private capital that enables access to housing finance for borrowers while protecting taxpayers. Mortgage insurance offers an effective way to make mortgage credit available to more people. USMI is ready to help build the future of homeownership. Learn more at www.usmi.org.

Statement: FHFA Credit Risk Transfer Progress Report and RFI

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For Immediate Release

June 30, 2016

Media Contacts

Laura Capicotto (202) 777-3536 (lcapicotto@clsstrategies.com)

 

USMI Statement on FHFA Credit Risk Transfer Progress Report and RFI

The Federal Housing Finance Agency (FHFA) has released a Progress Report and Request for Input (RFI) on Single-Family Credit Risk Transfers as a follow-up to the release of the 2016 Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions.  U.S. Mortgage Insurers (USMI) welcomes the opportunity to work with FHFA and the government sponsored enterprises (GSEs) on specific steps the GSEs need to take to increase the amount and levels of credit risk transferred.  Front-end risk sharing with deeper coverage using private mortgage insurance (MI) will address existing shortcomings in the GSEs’ credit risk transfer efforts and offers substantial benefits for taxpayers and borrowers.

“The MI industry has taken substantial steps to be well positioned to provide more private capital in front of the GSEs’ risk exposure with increased and enhanced capital and reliability standards.  MIs are well positioned to do more right now to protect taxpayers and help borrowers,” said Lindsey Johnson, President and Executive Director of USMI.  “In the absence of comprehensive reform, we should explore many options in the credit risk share market, with greater balance among them.  With three years of largely back-end risk sharing transactions, the potential benefits of front-end risk sharing have not been realized.  Unfortunately, the RFI inadequately portrays the role private mortgage insurers (MIs) play in assuming credit risk and the steps MIs have taken to strengthen capital and counterparty standards (click here for MI reliability fact sheet).  The RFI discusses many risks but neither provides quantitative analysis of the size and relative importance of those risks, nor proposes or requests proposals for ways to quantify those risks.  A strong case exists for expanding mortgage insurance coverage down to 50 percent of the value of the loan and doing it on the front-end, before the risk ever reaches the GSEs’ balance sheets, as part of the next phase of experimentation.”

USMI looks forward to commenting on the following issues as part of the RFI process:

  • The need for a balance of methods to offload the mortgage risk concentrated at the GSEs and to enhance housing finance reform possibilities;
  • The need for equivalency of standards to be consistently applied to all sources of housing finance and credit enhancement to ensure there is no regulatory arbitrage;
  • The need to address pricing and modeling transparency;
  • The need to ensure that a broad set of lenders have equitable access to the system; and
  • The need to have risk sharing partners that will stay in the market in good times and bad, including during another market downturn when the housing finance system is under stress.

Front-end risk sharing via deeper cover MI transfers credit risk to MIs at the time the loan is originated, which reduces risk before it ever gets to the GSEs and provides real time price transparency so that any savings can be passed on to borrowers.

“While we understand the Enterprises’ consideration of exposure to all counterparties, we think increased private capital by strong counterparties further reduces taxpayer risk and should be encouraged.  The MI industry is ready and prepared to do more,” said Johnson.  “MIs have raised $9 billion in new capital since the financial crisis, and are well positioned to raise additional capital to meet demand.”

MIs covered roughly $50 billion in claims to the GSEs since conservatorship.  Throughout the financial crisis, USMI members never stopped paying claims, never received any bailout money from the Federal government, and continued to write new insurance.  In fact, since the crisis, MIs have paid all valid claims, with 96 percent paid in cash and the remainder due over time.  MIs have materially increased their claims paying ability in both good and bad economic times due to new higher capital standards under the Private Mortgage Insurance Eligibility Requirements (PMIERs).  All MIs have met or exceeded PMIERs requirements as of December 31, 2015.

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U.S. Mortgage Insurers (USMI) is dedicated to a housing finance system backed by private capital that enables access to housing finance for borrowers while protecting taxpayers. Mortgage insurance offers an effective way to make mortgage credit available to more people. USMI is ready to help build the future of homeownership. Learn more at www.usmi.org.

 

Letter: USMI Joins Call for Reduction in Unnecessary GSE Fees on Borrowers

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For Immediate Release

June 22, 2016

Media Contacts

Laura Capicotto (202) 777-3536 (lcapicotto@clsstrategies.com)

 

USMI Joins Call for Reduction in Unnecessary GSE Fees on Borrowers

Consumer and Industry Groups United for Lower LLPAs

(June 22, 2016) – Today, U.S. Mortgage Insurers (USMI) joined 25 financial services and residential real estate trade associations and consumer groups, including the National Association of Realtors, Mortgage Bankers Association, National Association of Home Builders, Credit Union National Association, as well as the Center for Responsible Lending and Consumer Federation of America, in a letter to Federal Housing Finance Agency (FHFA) Director Mel Watt calling for Fannie Mae or Freddie Mac (the government sponsored enterprises, or “GSEs”) to reduce or eliminate loan level price adjustments (LLPAs) charged by the GSEs.

“Housing credit remains too tight and too many qualified borrowers are unable to get access to affordable mortgage credit, in large part because the GSEs are still charging LLPAs eight years after the financial crisis,” said Lindsey Johnson, USMI President and Executive Director.  “Low down-payment borrowers are being double charged for the risk being assumed by private mortgage insurance (MI).  These additional fees are particularly burdensome for low- and moderate-income and first-time homebuyers.  It’s time borrowers get the full benefit of the credit risk transferred away from the GSEs to private capital in the form of MI.”

For a copy of the joint letter, click here.

Guaranty fees (or “G-fees”) are fees charged by the GSEs on individual loans they purchase to cover any losses in the event of a default.  LLPAs are additional fees first introduced by the GSEs in 2008, during the financial crisis.  Borrowers often pay LLPAs in the form of higher mortgage rates.  LLPAs continue to be charged nearly eight years later despite significant improvement in the credit quality of GSE-backed loans and strengthened participants in the mortgage finance industry, including lenders and private mortgage insurers.  In fact, GSE fees, including LLPAs, are currently two and half times higher than during the mortgage crisis, while the cumulative default rate has decreased from 13.7 percent to near zero.

Low down-payment loans purchased by the GSEs are already covered by MI, which provides the GSEs with substantial protection against first losses on these loans, reducing GSE and taxpayer risk exposure.  Mortgage Insurers (MIs) covered more than $50 billion in claims to the GSEs since conservatorship, resulting in substantial savings to taxpayers.  MIs have raised $9 billion in new capital since the financial crisis and implemented the Private Mortgage Insurers Eligibility Requirements (PMIERs), a new, rigorous set of capital standards established by the GSEs.  The MI industry covers first loss mortgage credit risk ahead of the taxpayers and is ready to do more.  Accordingly, FHFA should ensure that the GSEs price credit risk in a manner that is transparent and that reduces arbitrary or unnecessary borrower costs.

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U.S. Mortgage Insurers (USMI) is dedicated to a housing finance system backed by private capital that enables access to housing finance for borrowers while protecting taxpayers. Mortgage insurance offers an effective way to make mortgage credit available to more people. USMI is ready to help build the future of homeownership. Learn more at www.usmi.org.

 

Press Release: USMI Announces New Housing Finance Reform Principles

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USMI Announces New Housing Finance Reform Principles

Calls for Private Capital to Absorb All Expected Credit Losses & Protect Taxpayers

(June 6, 2016) – U.S. Mortgage Insurers (USMI) today announced a new set of housing finance reform principles to help evaluate and shape reform efforts aimed at ensuring that American consumers have access to mortgage credit while better shielding taxpayers from housing-related risks.

“These principles set forth a sensible roadmap for much needed reform to put the housing finance system on a more sustainable path.  Policymakers should keep the features that work well while reducing risks at the GSEs as much as possible,” stated Lindsey Johnson, USMI President and Executive Director.

USMI announced the following principles for reform:

  • Protect Taxpayers. Private mortgage insurance (MI) and other forms of private capital should absorb all credit losses in front of any government guaranty.
  • Promote Stability. A goal of the reformed system should be to promote stability in housing finance.
  • Ensure Accessibility. A reformed system should ensure broad access to mortgage finance for creditworthy borrowers and participation by lenders of all sizes and types.
  • Foster Transparency. There should be a consistent, transparent, and coordinated approach to the federal government’s housing policy among all government agencies and entities.

New polling also shows strong public support for housing finance reform efforts that rely on private capital to assume more of the risk currently borne by the GSEs.  Among the findings:

  • Half of respondents (49%) believe the government is not doing enough to reduce the risks of another housing-related taxpayer bailout;
  • Most (48%) believe the private sector should bear the responsibility for the risk of losses on bad loans;
  • The majority (54%) would support a law requiring more private capital – such as additional mortgage insurance – to reduce the amount that taxpayers have to pay if borrowers default on their mortgage; and
  • 71% are concerned about the return of loans with features (including interest only or zero down) that independent government reports and third-party analysts have noted contributed to the mortgage crisis.

A complete description of the USMI housing finance reform principles can be found here and a summary of the polling administered by Morning Consult on behalf of USMI between October 8-12, 2015 and April 7-9, 2016, can be found here.

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U.S. Mortgage Insurers (USMI) is dedicated to a housing finance system backed by private capital that enables access to housing finance for borrowers while protecting taxpayers.  Mortgage insurance (MI) offers an effective way to make mortgage credit available to more people. USMI is ready to help build the future of homeownership. Learn more at www.usmi.org.

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Press Release: Private Mortgage Insurance Helped More Americans Become Homeowners in 2015

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For Immediate Release

June 1, 2016

Media Contacts

Laura Capicotto 202-777-3536 (lcapicotto@clsstrategies.com)

Private Mortgage Insurance Helped More Americans Become Homeowners in 2015

USMI Data Highlights Consumer Benefits During National Homeownership Month

(June 1, 2016) – Private mortgage insurance (MI) helped approximately 740,000 homeowners in 2015, a more than 18 percent increase over 2014, U.S. Mortgage Insurers (USMI) today announced in conjunction with National Homeownership Month.  This growth mirrors the positive national trend showing total mortgage borrowing reaching a four-year high.

“As we celebrate Homeownership Month, USMI is proud that private mortgage insurance is an essential part of the mortgage finance system that helped even more borrowers become homeowners last year” said Lindsey Johnson, USMI President and Executive Director.  “MI is a great option to help borrowers address high down payment requirements, which can be one of the biggest hurdles to homeownership.  Consumers should know about all the options, including the benefits of MI, before making one of the most significant financial decisions of their lives.”

MI Makes Homeownership Affordable

MI has helped millions become homeowners by enhancing their ability to obtain a mortgage in an affordable way.

There are a number of consumer benefits from MI:

  • MI Provides Savings to Borrowers – Borrowers with above average credit scores can save as much as $8,000 over five years with private MI compared to FHA insurance, according to WalletHub’s 2016 Mortgage Insurance Report.
  • MI Helps First-Time Homebuyers – Nearly 50 percent of loans covered by MI in 2015 were for first-time homebuyers and more than 40 percent were borrowers with incomes below $75,000. In 2015, MI helped approximately 740,000 homeowners purchase or refinance a mortgage.  For more data, visit the USMI data-snapshot.
  • MI is Cancelable – Private MI paid for by the borrower can be cancelled when the borrower pays down the mortgage to 78 percent of the home value. Because borrowers can stop paying private MI premiums at a certain point, this can lead to real savings over the life of their loan.  With home value appreciation, a borrower may be able to cancel MI even sooner.  For more information on MI cancelability, visit our comparison of private mortgage insurance and FHA insurance.
  • MI is Tax Deductible – MI premiums are treated as “mortgage interest” and are tax deductible for many borrowers. According to the IRS, 4.7 million taxpayers benefited from deductions for MI in 2013, with an average deduction of $1,387.  For more data, visit the USMI data-snapshot.
  • MI Protects Taxpayers from Another Bailout – Because private MI is backed by private capital, if the borrower defaults, MI covers the first losses thus reducing the risk to government – and ultimately taxpayers – of another bailout. Independent polling shows Americans support reducing taxpayer exposure through greater reliance on private capital.

“Homeownership remains an important goal for most Americans, creating long-term value for individuals and their communities.  USMI members are proud to help millions of Americans become homeowners,” said Johnson.  “A strong and vibrant private Mortgage Insurance industry plays an important role in facilitating homeownership for millions of Americans, and MI is prepared to do more.”

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U.S. Mortgage Insurers (USMI) is dedicated to a housing finance system backed by private capital that enables access to housing finance for borrowers while protecting taxpayers.  Mortgage insurance (MI) offers an effective way to make mortgage credit available to more people. USMI is ready to help build the future of homeownership. Learn more at www.usmi.org.

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Press Release: USMI Supports Affordable Housing Principles and Calls for Transparency in FHFA Duty to Serve Plans

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USMI Supports Affordable Housing Principles and Calls for Transparency in FHFA Duty to Serve Plans

USMI submitted comments on the Federal Housing Finance Agency’s (FHFA’s) proposal for how the government sponsored housing enterprises Fannie Mae and Freddie Mac should serve underserved markets.  USMI supports both principles of facilitating the financing of affordable housing for low-to-moderate income families consistent with the Enterprises’ overall public purposes while maintaining a strong financial condition and reasonable economic return.  To that end, among other things USMI calls for full transparency into the economics of the Plans to ensure policy aims are met in the most efficient way available.  USMI looks forward to working with MI customers, FHFA, the Enterprises, and other market stakeholders to help the Enterprises meet their “Duty to Serve” obligations.  The text of the USMI comment letter can be found here.

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U.S. Mortgage Insurers (USMI) is dedicated to a housing finance system backed by private capital that enables access to housing finance for borrowers while protecting taxpayers. Mortgage insurance offers an effective way to make mortgage credit available to more people. USMI is ready to help build the future of homeownership.  Learn more at www.usmi.org.

 

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Brendan Kihn, Government Relations Director

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Brendan Kihn currently serves as the Government Relations Director of USMI. USMI is the nation’s leading private mortgage insurance association, comprised of five of the six U.S. mortgage insurance companies in the country.

Brendan previously worked at Falcon Capital Advisors LLC where he served as a Policy Analyst, providing research and analysis on regulatory compliance and business operations issues impacting the housing finance system.  Prior to that, Kihn served as an Interim Director and Legislative Analyst at the Financial Services Roundtable, where he managed the Advocates for Insurance Modernization organization and tracked regulatory and legislative developments affecting the property and casualty insurance industry.

Brendan is a graduate of Quinnipiac University School of Law and the University of Michigan.

Letter: Joint Letter on G-fees

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USMI Joins Letter on G-fees

In letters to House and Senate Budget Committee leadership, USMI joined a broad group of more than a dozen housing organizations urging Congress to use GSE G-fees for their intended purpose, to support homeownership stability.

“By preventing g-fees to be used as a funding offset, this budget point of order gives lawmakers a vital tool to prevent homeowners from footing the bill for unrelated spending,” the letters said. “We urge you to once again include it in this year’s Budget Resolution.”

Click here for the full text of the House and Senate letters.

Statement: FHFA 2015 Scorecard Progress Report

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USMI STATEMENT ON FHFA 2015 SCORECARD PROGRESS REPORT

Today, the Federal Housing Finance Agency (FHFA) released its 2015 Scorecard Progress Report for activities undertaken at the government housing enterprises, Fannie Mae, and Freddie Mac.  USMI welcomes the focus of FHFA on credit risk transfer (CRT) over the last three years, but urges FHFA and the Government Sponsored Enterprises (GSEs) to further advance efforts to reduce taxpayer risk through greater up-front risk sharing with the private sector, including private mortgage insurers (MIs).

“Importantly, the report recognizes the accomplishment of finalizing new private MI master policies that provide greater clarity on payment of claims, and the Private Mortgage Insurance Eligibility Requirements (PMIERs), the new capital and operating standards for MIs.  Both of these affirm the reliability of MIs as risk sharing counterparties,” said Lindsey Johnson, President and Executive Director of USMI.

The report also shows that, while progress has been made, the amount of risk sharing still remains relatively small, meaning more can be done to de-risk GSEs with private capital, which would directly reduce pressure on GSE capital and the need for any future taxpayer assistance.  Further, the report conveys that the vast majority of transactions occur on the backend.  USMI remains committed to working with FHFA and the GSEs on specific steps to increase the amount and levels of credit risk transferred from the GSEs to private capital and to take greater advantage of the benefits of front-end risk sharing with MI.

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U.S. Mortgage Insurers (USMI) is dedicated to a housing finance system backed by private capital that enables access to housing finance for borrowers while protecting taxpayers. Mortgage insurance offers an effective way to make mortgage credit available to more people. USMI is ready to help build the future of homeownership.  Learn more at www.usmi.org.

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Press Release: USMI Announces 2016 Policy Priorities

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For Immediate Release

February 17, 2016

Media Contacts

Robert Schwartz 202-207-3665 (rschwartz@rasky.com)

USMI Announces 2016 Policy Priorities

Outlines Solutions to Protect Taxpayers and Enable Homeownership

(February 17, 2016) U.S. Mortgage Insurers (USMI) today announced its 2016 public policy priorities, aimed at helping ensure broader access to sustainable homeownership while reducing taxpayer risk.

“As policymakers look for more ways to increase the role of private capital to the make housing finance system less risky and more sustainable, USMI is well positioned to be an active voice in promoting the proven benefits and reliability of MI for taxpayers and borrowers,” stated Lindsey Johnson, USMI President and Executive Director.  “The initiatives we are announcing today offer real solutions to further the important goals of housing finance reform.”

USMI announced the following proposed policy actions to expand access to affordable credit and reduce taxpayer risk through the use of MI, including:

  • Setting and Using GSE Fees;
  • Extending and Preserving Tax Deductibility of MI;
  • Protecting Taxpayers by Expanding Use of Deeper MI in GSE Risk-Sharing;
  • Strengthening the Role of MI in Comprehensive Reform Legislation;
  • Striking the Right Balance for Taxpayers in Establishing Complementary Roles for FHA and MI; and
  • Strengthening State Regulation of MI.

A complete description of the policy initiatives can be found here.

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U.S. Mortgage Insurers (USMI) is dedicated to a housing finance system backed by private capital that enables access to housing finance for borrowers while protecting taxpayers. Mortgage insurance offers an effective way to make mortgage credit available to more people. USMI is ready to help build the future of homeownership.  Learn more at www.usmi.org.

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Statement: Polling Finds Majority Supports Using Private Capital to Reliably Reduce GSE Taxpayer Risks

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(February 16, 2016) Last week saw more activity demonstrating the value of private Mortgage Insurance as a reliable way to enhance access to mortgage credit for consumers and protect taxpayers against housing losses, particularly through greater front end risk sharing by the GSEs:

  • USMI released a new fact sheet showing how MIs are strong counterparties that reliably transfer mortgage credit risk
  • DS News reported on new polling from USMI showing strong national support for reducing GSE and taxpayer risk through increased reliance on private capital
  • USMI Chairman and Genworth MI CEO Rohit Gupta appeared at the Urban Institute /Core Logic Forum on risk sharing, “Credit Risk Transfer: Making a Successful Program Even Better.”
    • Gupta talked about the enhanced reliability and higher capital standards for MI, and how deeper MI coverage on GSE loans would almost double the amount of loss protection for the GSEs and taxpayers
    • Urban’s Laurie Goodman talked about an advantage of front end risk sharing with MI to pass savings through to consumers

U.S. Mortgage Insurers (USMI) is dedicated to a housing finance system backed by private capital that enables access to housing finance for borrowers while protecting taxpayers. Mortgage insurance offers an effective way to make mortgage credit available to more people. USMI is ready to help build the future of homeownership.  Learn more at www.usmi.org.

Policy Priorities

Tax Deductibility

Taxpayer Protection

Advocacy

Access & Affordability

Housing Finance Reform

1101 17th Street NW, Suite 700
Washington, DC 20036
Phone: 202-280-1820
Email: media@usmi.org

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