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-- WITH PHOTO -- TO BUSINESS, AND REAL ESTATE EDITORS:
National MI Launches Lender-Paid Mortgage Insurance Program With
EMERYVILLE, Calif., March 5, 2014 /PRNewswire/ -- National Mortgage
Insurance Corporation (National MI), a subsidiary of NMI Holdings,
Inc., (NASDAQ: NMIH) has launched a new lender-paid mortgage insurance
(LPMI) program with imortgage, one of the country's leading lenders.
National MI's LPMI program with imortgage is backed by what National
MI believes is an innovative delegated assurance review process.
imortgage has approved National MI as a provider of private mortgage
insurance. Through this relationship, imortgage gains access to a
new, well-capitalized source of private mortgage insurance with
enhanced confidence of coverage and rescission relief available
through National MI's delegated underwriting review process.
National MI's LPMI product enables imortgage to provide an innovative
solution for borrowers, according to Dan Hanson, imortgage executive
vice president. "Homeownership remains the cornerstone of the American
dream," Hanson said. "By teaming up with National MI to provide
mortgage options for borrowers with lower down payments, we are
creating additional opportunities for homeownership. In addition,
National MI gives us the confidence of knowing that our loans are
protected by very high underwriting standards."
National MI has introduced a delegated assurance review process for
its delegated customers that provides lenders with underwriting
protection starting from Day 1, and rescission relief for every
insured loan when a borrower has made timely payments for the first 12
months. "We're very pleased to work with imortgage, one of the
fastest-growing and most well-respected retail lenders in the industry
today," said Brad Shuster, president and CEO of National MI. "We share
their focus on maintaining high-quality underwriting standards,
providing excellent service with integrity, and look forward to a long
and successful relationship in the coming years."
National MI recently announced enhancements to its terms of coverage.
National MI SafeGuardSM, the company's signature product, provides
lenders with rescission relief after 12 months of timely payments on
every loan, for both delegated and non-delegated loans. "We believe
National MI's enhanced terms of coverage and master policy give
lenders greater assurance that claims will be paid, and expect that
such coverage will also significantly reduce repurchase risk," Shuster
said. "When you couple our innovative delegated assurance review with
our SafeGuard coverage terms, we believe lenders will see the benefit
of our comprehensive suite of mortgage insurance solutions."
National MI's terms of coverage are specified in its Mortgage Guaranty
Insurance Master Policy, which may be located on the Company's website
About National MI National Mortgage Insurance Corporation (National
MI), a subsidiary of NMI Holdings, Inc. (NASDAQ: NMIH), is a
U.S.-based, private mortgage insurance company enabling low down
payment borrowers to realize home ownership while protecting lenders
and investors against losses related to a borrower's default. To learn
more, please visit www.nationalmi.com.
About imortgage imortgage is committed to providing integrity,
customer service and sustainable lending for their borrowers. As the
only lender in the United States to have earned the distinction of
being Eliant Certified, imortgage continues a proven track record for
being customer centered and a catalyst for driving sales through
customer satisfaction. Through its partnership with loanDepot.com,
LLC, imortgage is one of the largest independent mortgage banks in the
U.S. For more information on imortgage, please visit
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Any statements about our
expectations, beliefs, plans, predictions, forecasts, objectives,
assumptions or future events or performance are not historical facts
and may be forward-looking. These statements are often, but not
always, made through the use of words or phrases such as "anticipate,"
"believes," "can," "could," "may," "predicts," "potential," "should,"
"will," "estimate," "plans," "projects," "continuing," "ongoing,"
"expects," "intends" and similar words or phrases. All forward-looking
statements are only predictions and involve estimates, known and
unknown risks, assumptions and uncertainties that could cause actual
results to differ materially from those expressed in them. Many risks
and uncertainties are inherent in our industry and markets. Others are
more specific to our business and operations. These risks and
uncertainties include, but are not limited to, those set forth under
the heading "Risk Factors" in our most recent Registration Statement
on Form S-1, and described from time to time in subsequent reports,
filed with the U.S. Securities and Exchange Commission, including our
Quarterly Report on Form 10Q for the third quarter of 2013, filed on
December 17, 2013. Any or all of our forward-looking statements in
this press release may turn out to be inaccurate. Consequently, our
actual results could differ materially from those anticipated in such
forward-looking statements contained in this press release. Any
forward-looking statement speaks only as of the date on which it is
made and we undertake no obligation to update or revise any
forward-looking statement to reflect events or circumstances after the
date on which the statement is made or to reflect the occurrence of
unanticipated events except as required by law.
Press Contact Mary McGarity Strategic Vantage Marketing & Public
Relations MaryMcGarity@StrategicVantage.com (203)513-2721
SOURCE NMI Holdings, Inc.
/Web Site: http://www.nationalmi.com
CO: NMI Holdings, Inc.; imortgage; NMI Holdings, Inc.
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0000 03/05/2014 16:25:00 EDT http://www.prnewswire.com
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