The third-quarter figure was the largest new insurance written total for the industry since 1Q 2008, when private MIs booked $72.17 billion of new coverage.
The goal of the program is to help stabilize neighborhoods that were hardest hit by the real estate downturn by letting local community organizations review and purchase foreclosed properties first.
Mortgage lenders now have to be careful about how they draft an MSA, even if the industry’s preexisting forms are mostly similar from one law firm to another.