April 19, 2018

National MI Reaches 100,000 Mortgage Loan Milestone

Private mortgage insurer has provided 12-month rescission relief on 100,000 loans

EMERYVILLE, Calif., April 19, 2018 (GLOBE NEWSWIRE) -- National Mortgage Insurance Corporation (National MI), a subsidiary of NMI Holdings, Inc. (NASDAQ:NMIH), announces that it has granted 12-month rescission relief on 100,000 loans as of the first quarter 2018. National MI SafeGuard®┬áprovides┬árescission relief for eligible loans after 12 months of timely payments made by the borrower, which is two years sooner than the industry standard of 36 months.

"Reaching the 100,000 loan mark is a significant milestone for National MI," says Claudia Merkle, COO of National MI. "It shows our customers have embraced this process and value our differentiated offering."

The majority of the 100,000 loans receiving rescission relief were insured through National MI's delegated underwriting channel. Delegated loans that have achieved rescission relief were underwritten by approved delegated lenders and successfully passed through National MI's upfront assurance review process, which provided the lenders with underwriting protection starting from the first day and rescission relief after borrowers made their first 12 monthly payments. National MI's 12-month offering is designed to enable lenders to maintain their preferred loan manufacturing efficiencies, while still providing confidence in their coverage from National MI. National MI provides lenders with a custom report listing the loans that have achieved 12-month rescission relief.

"National MI's delegated assurance review process is designed to deliver lenders a far better experience with private mortgage insurance," added Merkle. "National MI's SafeGuard offering has gone a long way to provide confidence in our mortgage insurance coverage. Lenders and servicers may also realize tangible benefits by potentially easing reserve setting for buybacks."

Feedback from lenders has been positive. "Summit Funding values the peace of mind National MI delivers with its 12-month rescission relief protection, which provides more certainty of coverage," said Jayne Krejci, director of product development with Summit Funding. "National MI also makes the delegated approval process easy."

Julie Snow, senior vice president, mortgage operations at Willamette Valley Bank (WVBK) said: "National MI's approval process gives us an extra level of confidence, allowing our underwriters to approve loans at a faster pace. WVBK feels extremely protected knowing National MI is also looking at our borrowers' ability to repay on delegated loans we submit that qualify through National MI's assurance review process, which gives us eligibility for their 12-month rescission relief."

Under the direction of the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac have issued new "GSE Rescission Relief Principles" for mortgage insurers that will permit MIs to provide lenders with rescission relief on loans sooner than 12 months. National MI will implement the new principles through a revised Master Policy, which it expects to become effective by late 2018 or early 2019.

About National MI

National Mortgage Insurance Corporation (National MI), a subsidiary of NMI Holdings, Inc. (NASDAQ:NMIH), is a U.S.-based, private mortgage insurance company enabling low down payment borrowers to realize home ownership while protecting lenders and investors against losses related to a borrower's default. To learn more, please visit www.nationalmi.com

Cautionary Note Regarding Forward Looking Statements

This press release contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements about future, not past, events and involve certain important risks and uncertainties, any of which could cause our actual results to differ materially from those expressed in our forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding National MI's positioning for future performance. Any or all of our forward-looking statements in this press release may turn out to be inaccurate. More information about the risks, uncertainties and assumptions affecting National MI can be found in the risk factors and forward-looking statements cautionary language contained in our Annual Report on Form 10-K and in other filings made with the Securities and Exchange Commission. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, operating results, business strategy and financial needs. All forward-looking statements are necessarily only estimates of future results, and actual results may differ materially from expectations. You are, therefore, cautioned not to place undue reliance on such statements. We do not undertake, and specifically disclaim, any obligation to revise any forward-looking statements to reflect the occurrence of future events or circumstances.

Press Contact
Mary McGarity
Strategic Vantage Mortgage Public Relations
(203)513-2721
MaryMcGarity@StrategicVantage.com

Investor Contact
John M. Swenson
Vice President, Investor Relations and Treasury
john.swenson@nationalmi.com
(510)788-8417

Primary Logo

Source: NMI Holdings Inc

News Provided by Acquire Media


Close window | Back to top

Copyright 2018 NMI Holdings, Inc.