The company agreed to pay $32.5 million in damages to settle False Claims Act allegations tied to FHA underwriting. it admitted no wrongdoing while agreeing to stay in the program.
The legislation approved by the House of Representatives last week reauthorizing the National Flood Insurance Program through Sept. 30 is awaiting Senate action. The program's authority is scheduled to expire on May 31.
New primary mortgage insurance activity was down in the first quarter of 2019, but FHA and VA managed to expand their share of the market thanks to surging refinance business. Private MIs started the year slightly ahead of the pace in early 2018.
The one bright spot in the residential mortgage market last year was purchase-mortgage lending, which provided at least a faint glow in an otherwise dreary year for lenders. [Includes four data charts.]
Reports that Radian Group was in talks with private equity firms for a potential sale delivered a fillip to the company’s shares though those discussions fell through.
FHA and VA business saw a modest uptick in market share during the fourth quarter of 2018, but last year was all about the surge of the private mortgage insurance industry. [Includes two data charts.]
The flow of conventional mortgages with private mortgage insurance coverage into Fannie Mae and Freddie Mac mortgage-backed securities fell sharply in the fourth quarter – tracking a broader slump in purchase-mortgage business. [Includes three data charts.]
Genworth Mortgage Insurance has joined the private MI fledgling risk-based pricing club with the launch of its new proprietary risk-based pricing engine, GenRATE. GenRATE allows customers to opt for risk-based pricing or choose from Genworth’s standard published rate card. “Demand for more dynamic pricing is growing,” said Rohit Gupta, Genworth’s president and chief executive officer. “Offering the option of either rate card or risk-based pricing is the best way to show lenders that ...
The FHA’s Mutual Mortgage Insurance Fund is generally healthy but for its Home Equity Conversion Mortgage program, according to the latest FHA audit of the MMIF. In its 2018 report to Congress this week, the Department of Housing and Urban Development had good and bad news regarding the financial condition of the insurance fund. The good news is that the economic value of the MMIF, which backs the FHA’s single-family loan programs, increased to $34.7 billion in fiscal 2018 from $26.7 billion a year ago. Total capital resources rose to $49.2 billion from $40.9 billion during the same period. For the fourth consecutive year, the fund exceeded its statutory capital reserve ratio of 2.00 percent. The ratio rose to 2.76 percent in 2018 from 2.18 percent last year. Premium reductions, had they been in effect, would have reduced the fund’s economic net worth and dropped its capital ratio, industry ...
RSS