A start-up mortgage insurance company has received approval to operate in one of the nation's most lucrative real estate markets.
National Mortgage Insurance Corp. (National MI) has received approval from the California Insurance Department to write mortgage insurance in the state. The new company has also applied for state licensing in the other 49 states and the District of Columbia, and is also seeking approvals from Fannie Mae and Freddie Mac to commence writing insurance. In June, National MI was approved to participate in an accelerated licensing process sponsored by the National Association of Insurance Commissioners.
‘Approval by the California Insurance Department is a critical step toward our operational launch and in achieving our goal to provide mortgage insurance to homeowners in California and throughout the country,’ says Bradley Shuster, president and CEO of National MI (pictured left). ‘We thank the California Insurance Department for issuing its conclusive assessment in a timely manner, and for recognizing the benefit that increased mortgage insurance capacity provides in supporting American homeownership.’