Over 84,000 in the state turned to private mortgage insurance to achieve homeownership, saving for a 20% down payment could take Illinoisans 11 years.
Over 64,000 in the state turned to private mortgage insurance to access homeownership, saving for a 20% down payment could take Ohioans 10 years.
In 2021, the industry helped nearly 2 million low down payment borrowers secure mortgage financing; Texas, California, Florida, Illinois, and Ohio rank as the top states for mortgage financing with private MI.
Lindsey Johnson, President of the U.S. Mortgage Insurers (USMI), today issued the following statement on the U.S. Senate’s bipartisan confirmation of Sandra Thompson to serve as Director of the Federal Housing Finance Agency (FHFA):
Use of credit risk transfer and enhanced capital requirements transformed the industry from a cyclical business to a more stable, long-term manager of mortgage credit risk.
Since 2015, the private mortgage insurance (MI) industry has used MI Credit Risk Transfer (MI-CRT) to reduce volatility in the business and bring more sources of private capital to the housing finance market.
As one arm of the federal government attempts to cool inflation and home price appreciation, another risks making things worse.
With record low housing supply and high inflation contributing to skyrocketing home prices, the barriers to owning a home may seem insurmountable.
USMI submitted a comment letter to the Federal Housing Finance Agency (FHFA) in regards to the implementation of Section 310 of the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 (“the Act”).
Lindsey Johnson, President of U.S. Mortgage Insurers (USMI), issued the following statement on the Senate’s confirmation of Julia Gordon to serve as Assistant Secretary for Housing, Federal Housing Commissioner, Department of Housing and Urban Development (HUD):
U.S. Mortgage Insurers (USMI) announced today that Lindsey Johnson, USMI president, will be leaving the organization in June to serve as the next president and CEO of the Consumer Banking Association.
Industry supported nearly $585 billion in mortgage originations for new home purchases and refinance loans
Policy Priorities
