“Private mortgage insurance (MI) has been readily available to creditworthy borrowers in this market segment for many years. Restoring access to these loans is an important option that will help creditworthy first-time homebuyers achieve affordable homeownership in a sensible and responsible manner.

“USMI members continue to believe that the return of 97% LTV mortgages with MI purchased by the GSEs for all creditworthy borrowers would further expand access to credit while providing substantial first-loss protection for taxpayers provided by private capital.

“USMI members are ready to help implement the new program and to ensure that creditworthy borrowers have access to affordable and sustainable mortgages within a well-functioning U.S. housing finance system.”

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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.

“Today, FHA released updated information on the status of the FHA insurance fund. While progress was made in restoring the financial health of the fund, it fell short of its 2% capital ratio mandate. In light of today’s report, USMI urges policy makers to proceed cautiously and to carefully assess the impact of any potential FHA premium reductions on its solvency as well as its stated objective of returning the FHA to a smaller and more traditional share of the mortgage market.”

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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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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.

“Today, FHFA published new, draft Private Mortgage Insurer Eligibility Requirements (“PMIERs”) that establish the standards for MIs to be approved to insure loans sold to or guaranteed by Fannie Mae and Freddie Mac (the “GSEs”). USMI member companies support this important effort to set standards that will help provide confidence to market participants and policy makers regarding the long-term value of MI.”

“Once finalized, the new PMIERs will complement the significant progress the industry has made since the housing downturn. The MI industry has recapitalized, attracted new entrants and finalized new master policies that will go into effect October 1 of this year and provide greater clarity and transparency on the mortgage insurance process – from origination through servicing and claim settlement. Mortgage insurers have played a very important role during the downtown, covering approximately $44 billion in claims since the GSEs entered conservatorship, resulting in a substantial savings to taxpayers. The draft PMIERs are subject to a 60 day notice and comment period. USMI member companies expect to provide comments to FHFA during the public input period and to work closely with FHFA and the GSEs to implement the PMIERs.”

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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.