New Mortgage Insurer On The Scene: National MI

National MI, a new mortgage insurance company, says it has issued its first mortgage insurance commitments, officially marking its entry into the private mortgage insurance business.

National MI says it plans to become a company that ‘offers the most definitive terms of coverage in the industry.’ Also, the insurer has launched an online mortgage insurance platform through which lenders can access its ordering system.Â

Both Fannie Mae and Freddie Mac have approved National MI as a qualified mortgage insurer. As of April 1, Freddie Mac began accepting loans with National MI mortgage insurance coverage, and Fannie Mae will accept loans as of June 1, with note dates on or after January 16, 2013.

The company notes that it intends to work with lenders nationwide. To date, National MI has been approved in 46 states and the District of Columbia, and expects approval from the remaining four states in the near term.

National MI is based in Emeryville, Calif.


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