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Private mortgage insurance industry boomed in 2020

Housing Wire

Private mortgage insurance helped over 2 million low downpayment borrowers secure mortgage financing in 2020, a 53% increase from 2019, according to data from the government sponsored entities. The private mortgage insurance industry also supported $600 billion in mortgage originations. Mortgage Insurers.

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Staircase debuts tool to automate non-delegated mortgage insurance underwriting

Housing Wire

Mortgage tech startup Staircase says it has launched a tool that enables mortgage insurers to automate the underwriting of non-delegated mortgage insurance (MI) policies for lenders at about half of the typical cost. Which mortgage tech advancements are making the biggest impact? Presented by: Stavvy.

Insurance 368
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Better Insurance is Better’s latest move to become a leading digital homeownership company

Housing Wire

New York-based digital lender Better Home & Finance Holding Company launched Better Insurance to allow customers to shop for homeowners insurance through a fully digital platform. Better Insurance is fully autonomous. The goal for Better Insurance is to offer the service to all 50 states by 2024.

Insurance 368
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Opinion: How to avert an impending homeowners insurance crisis

Housing Wire

A brewing crisis is emerging around homeowners insurance and thus far the finance and insurance community has not offered any viable solutions. An overhaul of the homeowners insurance market is in order to prevent an impending catastrophe in the mortgage market. And that’s where policies are available.

Insurance 373
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Here’s why the home insurance market matters

Housing Wire

HousingWire recently spoke with Matic CEO and co-founder Ben Madick about the changing home insurance market, how it impacts mortgage lenders and homeowners, and why lenders should pay attention. HousingWire: What is the current home insurance market like? Back in 2020, insurance premiums averaged $1,637 in Texas.

Insurance 357
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Michigan attorney general reissues reverse mortgage consumer alert

Housing Wire

The attorney general of Michigan has re-released a consumer alert about the reverse mortgage product category during financial literacy month. A reverse mortgage is a type of home equity loan extended, in most cases, to those who are 62 years of age or older,” the announcement stated.

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MBA stresses the long-term need for flood insurance availability as NFIP expiration looms

Housing Wire

The Mortgage Bankers Association (MBA) on Thursday sent a letter to leaders of the U.S. Senate Committee on Banking, Housing and Urban Affairs to address the availability of flood insurance. MBA members are very concerned that private property insurance has reached a point of critical market dislocation,” the letter said.

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