mortgage insurance News

Canada’s Brookfield Business Partners to Buy Remainder of Insurer Genworth for $1.2B

Genworth MI Canada said on Monday real estate service provider Brookfield Business Partners will buy the remaining 43% stake it does not hold in the mortgage insurer for about C$1.6 billion ($1.21 billion). Brookfield, which owns about 57% of the …

It’s Business as Usual for Genworth After Canadian Rule Change for Mortgage Insurance

Genworth MI Canada Inc, which runs the largest Canadian private residential mortgage insurer, said on Monday it has no plans to change its underwriting policy for debt service ratio limits, minimum credit score and downpayment requirements. Government-backed Canada Mortgage and …

Genworth to Sell Stake in Canada Mortgage Unit to Push China Deal

Genworth Financial Inc. agreed to sell its Canadian unit to Brookfield Business Partners LP for C$2.4 billion ($1.8 billion) as it works to win regulatory approval for its acquisition by China Oceanwide Holdings Group Co. Brookfield Business Partners LP will …

Arch Promotes Executives to Innovation, Mortgage Insurance Leadership Roles

Arch Capital Group Ltd. said it has made some strategic leadership changes affecting innovation and investment, and mortgage insurance. The Bermuda-based specialty insurer and reinsurer named Andrew Rippert as chief Innovation and strategic investment officer, a newly created position. He …

Federal Housing Agency to Lower Mortgage Insurance Premiums

The U.S. Federal Housing Administration will reduce the annual premiums on mortgage insurance on home loans the agency insures by a quarter point on Jan. 27, it said on Monday. The FHA projected homeowners it insures would save an average …

Private Mortgage Insurers’ Bigger Slice of Freddie Mac Pie Smaller Than Hoped

Mortgage insurance companies are getting a long-awaited shot at expanding their business with Fannie Mae and Freddie Mac. But it’s shaping up to be less lucrative than they had hoped. Freddie Mac on Monday planned to say it will start …

Canada’s Regulator Tightens Capital Requirements for Mortgage Insurers

Canada’s financial services regulator released new draft capital requirements for federally regulated mortgage insurers to better reflect growing risks in the country’s housing markets. The Office of the Superintendent of Financial Institutions said Friday the new requirements, which will come …

JLT Re Enters U.S Mortgage Insurance Market

Reinsurance broker JLT Re has launched a new operation in North America – JLT Re Global Mortgage Solutions — to offer insurance and reinsurance to government-sponsored entities, mortgage insurers, mortgage lenders and builders. Steve Rance has been appointed executive vice …

New Force-Placed Insurance Rules Prompt $100 Million Agency Sale

One of the country’s largest overseers of troubled home loans, Nationstar Mortgage Holdings Inc., is quietly trying to sell a $100 million insurance agency that doesn’t appear to exist. Harwood Service Co. has no website, no independent offices and only …

Insurers Could Face Suits Over Fannie-Freddie Insurance Prices

The regulator of Fannie Mae and Freddie Mac will consider suing insurers who charged excessive fees for hazard coverage paid by the two government-owned mortgage companies, an auditor’s report said. Fannie Mae and Freddie Mac could have overpaid about $158 …