Walnut Creek, Calif.-headquartered PMI Mortgage Insurance Co., the U.S. subsidiary of The PMI Group Inc., has issued new guidelines for modification of insured loans that are intended help more distressed borrowers save their homes.
The new guidelines define the criteria for loans insured by PMI that qualify for modifications and delegate the authority to modify the terms of these eligible loans directly to loan servicing companies. These new guidelines are applicable to all delinquent loans insured by PMI, the company adds.
‘Our servicing partners are working hard to modify qualified loans as quickly as possible,’ says John Jelavich, PMI's vice president of homeownership preservation initiatives. ‘This expansion of our servicing partners' delegated authority to modify loans will expedite the loan modification process and assist our servicers' efforts to keep more borrowers in their homes.’
The new guidelines can be accessed online at www.pmi-us.com/servicers.
Source: The PMI Group
