NMI Holdings Approved to Write Mortgage Insurance in All 50 States, District of Columbia
NMI Holdings, Inc., (NASDAQ: NMIH) the parent company of National Mortgage Insurance Corporation (National MI), announces today that National MI's application for an insurance license in Wyoming has been approved by the Wyoming Department of Insurance. With Wyoming's approval, National MI is now licensed to write mortgage guaranty insurance in all 50 U.S. states and the District of Columbia.
Founded in 2012, National Mortgage Insurance Corporation (National MI) is headquartered in Emeryville, California, in the San Francisco Bay Area. NMI Holdings, Inc., National MI's parent company, raised over $500 million of capital in a private placement of its securities in April 2012 and is led by an experienced management team. National MI has received approval from Fannie Mae and Freddie Mac as a qualified mortgage insurer, and has been approved to provide mortgage insurance... "We are pleased that National MI is able to provide mortgage insurance to lenders offering loans to borrowers in Wyoming," said Bradley Shuster, president and chief executive officer of NMI Holdings, Inc. "The approval by the Wyoming Department of Insurance marks a significant milestone for National MI as we are now able to provide mortgage insurance in every state in the U.S., as well as the District of Columbia. We believe this is especially important to our customers who do business nationwide."
By approving National MI as a licensed insurer in the state of Wyoming, National MI believes the Wyoming Department of Insurance is helping to expand the availability of mortgage financing, particularly for first-time homeowners who might not have a 20 percent down payment, Shuster noted. Private mortgage insurance is typically required on mortgages with a loan-to-value (LTV) ratio greater than 80 percent.
"National MI commends the Wyoming Department of Insurance for acknowledging the importance of private mortgage insurance and the role it plays in broadening home ownership opportunities for Americans," Shuster said.
National MI received approval from Fannie Mae and Freddie Mac in January 2013.
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