U.S. Mortgage Insurers

Did you know Private MI helped nearly 800,000 people become homeowners in 2023? As the pioneer of the modern-day private mortgage insurance industry, that's a stat that makes us proud 💕 🏡. Get more facts about MI from U.S. Mortgage Insurers annual report https://bit.ly/3LV7EJA. The report breaks down low down payment mortgage lending with MI in all 50 states and the District of Columbia. #LoanOfficer #MortgageIndustry #WeAreMGIC #USMI #MortgageInsurance #MortgageLoanOfficer

Exciting news! The latest annual report from U.S. Mortgage Insurers reveals that private MI has helped secure mortgage financing for nearly 39 million low down payment borrowers over its 67-year history. For more insightful highlights, check out the report here: https://okt.to/N4dm7S

Yesterday, USMI released its annual state report on low down payment mortgage lending. In comparing data from previous years, the report finds that the first-time buyer and 3% down payment (also known as 97% loan-to-value) segments of the private MI market have grown in market share year-over-year since 2020 across most states. Vermont, Delaware, Maine, South Dakota, and Missouri saw the biggest increase in first-time homebuyers’ share of the private MI market since 2020. Missouri, Michigan, Indiana, Iowa, and Ohio saw the largest growth in the 3% down payment segment’s share of the private MI market since 2020. Texas, Florida, California, Illinois, and Ohio continue to rank as the overall top five states for mortgage financing with private MI in 2023. Key findings from the report include: - 800,000: The number of people in 2023 who became homebuyers thanks to private MI. - Nearly 39 million: The number of low down payment borrowers private MI has helped securing mortgage financing over its 67-year history. - 27: The number of years it could take a household earning the national median income of $74,580 to save 20% (plus closing costs), for a $394,100 single-family home, the national median sales price. - 67%: The reduction in years a homebuyer has to wait to achieve home ownership by making a 5% down payment with a mortgage backed by private MI. - 64%: First-time homebuyers’ share of purchase mortgages backed by private MI. “Private mortgage insurance is helping to expand access to homeownership in a challenging market for prospective homebuyers,” continued Appleton. “While buyers face many obstacles in purchasing a home, private mortgage insurance helps solve one of the biggest challenges – the need for a large cash down payment – by allowing buyers to put down as little as 3%.” Read more here: https://lnkd.in/gTM96Vyz

U.S. Mortgage Insurers named Enact’s Rohit Gupta as the association's new Chairman of the Board. Mr. Gupta is currently President, CEO, and Director of Enact Holdings and succeeds Essent Guaranty, Inc. Group’s Adolfo Marzol. “Rohit’s deep mortgage insurance expertise, public policy experience and passion for the valuable role our industry plays will facilitate continued success in the important work of USMI,” said outgoing USMI Chairman Adolfo Marzol. “I am honored to pass the torch to Rohit.” USMI President Seth Appleton added, “Rohit’s dedication to affordable and sustainable homeownership backed by private capital is invaluable to USMI’s efforts moving forward. Rohit’s previous experience as Chairman of the Board makes this a seamless transition and positions the organization for continued success.”

It was an honor to be inducted as the new chairman of the U.S. Mortgage Insurers board yesterday. Mortgage insurance is a critical component of enabling affordable homeownership and USMI does important work advocating for a system that supports private mortgage insurance and the homebuyers who benefit from it. I’m excited to take a larger role in USMI’s efforts as chairman, and look forward to continuing to work with other association members as we seek to expand access to affordable homeownership.

USMI named Enact Mortgage Insurance’s Rohit Gupta as the association's new Chairman of the Board. Mr. Gupta is currently President, CEO, and Director of Enact Holdings and succeeds Essent Guaranty, Inc. Group’s Adolfo Marzol. “The role the private MI industry plays in providing first-time and low- to moderate-income borrowers with access to affordable and sustainable mortgage credit cannot be overstated, particularly in the current high interest rate market. Our industry remains focused on advancing accessible and affordable homeownership for underserved communities, while ensuring the safety and soundness of the housing finance system,” said Rohit Gupta, incoming Chairman of the USMI Board. “I look forward to once again serving as Chair and working with USMI’s Board, staff, and external stakeholders.” USMI President Seth Appleton added, “Rohit’s dedication to affordable and sustainable homeownership backed by private capital is invaluable to USMI’s efforts moving forward. Rohit’s previous experience as Chairman of the Board makes this a seamless transition and positions the organization for continued success.” https://lnkd.in/eu-ReAij

Seth Appleton, President of the U.S. Mortgage Insurers (USMI), issued the following statement on the Federal Housing Finance Agency’s (FHFA) conditional approval of the proposed “Freddie Mac Single-Family Closed-End Second Mortgages” product, pursuant to the Prior Approval for Enterprise Products Final Rule. This rule is a key pillar in maintaining the safety and soundness of Fannie Mae and Freddie Mac, the government-sponsored enterprises (GSEs), and ensuring that the public and industry stakeholders have transparency into the GSEs’ proposed activities and products:     “USMI appreciates FHFA’s publication of Freddie Mac’s proposed ‘Purchase of Single-Family Closed-End Second Mortgages’ product for public comment consistent with the Prior Approval of Enterprise Products Rule process. After carefully reviewing the proposal, USMI urged FHFA to disapprove of the proposed product. While today’s announcement includes important limitations to the pilot, further clarifications should be provided including on how loan-to-value (LTV) ratios will be calculated, information about applicable debt-to-income (DTI) limitations, a specific exclusion for ‘piggyback loans,’ and additional details on capital and pricing treatment. USMI recommended that any future expansion of an approved product be subject to additional public notice and comment, and we are pleased that Director Thompson included this policy as part of FHFA’s conditional approval.”    Read the full statement here: https://bit.ly/3xvaamc   For more details on USMI’s requested clarifications and comment letter, click here: https://bit.ly/3VdwUQw

With housing emerging as a central issue for the 2024 election cycle, USMI President Seth Appleton participated yesterday in the “What Do the 2024 Elections Mean for Housing?” panel of the Bipartisan Policy Center’s #HousingSummit24.     In a very rich discussion alongside Abha Bhattarai, Economics Correspondent at The Washington Post; Laura V. Arce, Senior Vice President of Economic Initiatives at UnidosUS (@WeAreUnidosUS); Sarah Brundage, President and CEO of the National Association of Affordable Housing Lenders (NAAHL); and Mark Calabria, Senior Advisor of Cato Institute, the panel discussed how the upcoming election could impact issues such as housing cost, tax policy, a lack of inventory in the rental and purchase markets, and the future direction of housing priorities as a whole.     USMI is thrilled to have sponsored and participated in such an important event where experts and thought leaders from government, business, philanthropy, and more explored meaningful, bipartisan solutions to the acute shortage of affordable homes.    If you’re interested, tune in here: https://bit.ly/3VBj76I  

We're proud to sponsor the Bipartisan Policy Center's #HousingSummit24 where experts, including our own Seth Appleton, will share insights and discuss bipartisan solutions to the nation's acute shortage of affordable homes this upcoming June 11.    Starting at 12:40pm ET, Appleton will participate in the “What Do the 2024 Elections Mean for Housing?” panel alongside Laura V. Arce, Senior Vice President of Economic Initiatives at UnidosUS (@WeAreUnidosUS); Sarah Brundage, President and CEO of the National Association of Affordable Housing Lenders (NAAHL); and Mark Calabria, Senior Advisor of Cato Institute and former Director of the Federal Housing Finance Agency (FHFA).     The panel will be moderated by Abha Bhattarai, Economics Correspondent at The Washington Post.    Register today through this link! https://bit.ly/3SZN2D 

USMI is proud to be a member of the National Housing Conference. We congratulate all those honored at last week’s NHC Housing Visionary Awards Gala and thank them for their efforts and initiatives in advancing policies that promote a sound and healthy housing finance system as well as affordable, sustainable homeownership across the country. The honorees include:    Senators Maria Cantwell, Ben Cardin, Todd Young, and Marsha Blackburn; Representatives Mike Kelly, Suzan DelBene , Darin LaHood, and former Representative Brian Higgins; Tia Boatman Patterson, Esq., President and CEO of California Community Reinvestment Corporation; and Joe Ventrone, former Vice President of Federal Policy and Industry Relations at the National Association of REALTORS®.    Congratulations to all for their well-deserved awards and recognition.