Six mortgage insurance companies – Arch MI, Essent, Genworth, MGIC, National MI and Radian – have launched a new trade association called U.S. Mortgage Insurers (USMI).
The new organization replaces Mortgage Insurance Companies of America (MICA), which ended operations early this year.
Genworth's Rohit Gupta, who serves as co-chair of USMI, says the new association will ‘put a renewed focus on the benefits of mortgage insurance (MI) to help ensure access to housing finance for borrowers, while protecting taxpayers.’
The association says the MI industry has attracted new capital and new entrants. New MI master policies provide strong assurances about the proper handling and payment of claims and bring greater clarity to contractual protections for lenders and investors with regard to representations and warranties, USMI notes, and meaningful regulatory reforms are under way at both the state and national level that will help ensure that the industry maintains a strong financial position and reliably meets its obligations.
Adolfo Marzol of Essent, and also co-chair of the association, adds, "The expanded use of MI can be done gradually, providing a sensible transition forward that does not place at risk the proper functioning of a large and complex U.S. housing finance system. MI is ready to do more."
USMI is led by a board of directors from the six member companies:
– Teresa Bryce Bazemore, president, Radian Guaranty;
– David Gansberg, president and CEO, Arch MI;
– Rohit Gupta, president and CEO, Genworth Mortgage Insurance;
– Adolfo Marzol, executive vice president, Essent;
– Patrick Mathis, executive vice president and chief risk officer, National MI; and
– Patrick Sinks, president and chief operating officer, MGIC.