National MI and Freedom Mortgage Join Forces to Qualify More Borrowers
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Private mortgage insurance is typically required on mortgages with loan-to-value (LTV) ratios of greater than 80 percent.
"We're very pleased to be an approved mortgage insurance provider for Freedom Mortgage," said
The FHA is decreasing the role it plays in providing mortgage insurance to borrowers, Shuster noted, making the availability of private mortgage insurance more important to American homeowners. In a recent report to
The return of the purchase market is also driving demand for private mortgage insurance, Shuster said. "We expect that the role of private mortgage insurance will grow as purchase loans continue to gain market share relative to refinances," Shuster said.
"At Freedom, part of our commitment to service is helping our customers find solutions that address their unique needs, and that can include private mortgage insurance," said Stan Middleman, CEO of Freedom Mortgage. "Our close relationship with National MI helps us to further expand the options available to our customers, particularly those with down payments less than 20 percent."
National MI recently announced enhancements to its master policy. National MI SafeGuardSM, the company's signature product, will provide lenders with rescission relief after 12 months on every loan. That compares to the current industry standard of 36 months. "We believe National MI's enhanced master policy will give lenders greater assurance their claims will be paid, and expect that such coverage will also significantly reduce repurchase risk," Shuster said.
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