U.S. Mortgage Insurers (USMI
) was launched Monday by founding members Arch MI, Essent, Genworth, MGIC, National MI and Radian. USMI will replace Mortgage Insurance Companies of America, which ceased operating early this year.
“USMI will put a renewed focus on the benefits of mortgage insurance (MI) to help ensure access to housing finance for borrowers while protecting taxpayers,” said Rohit Gupta, USMI co-chair. “As policymakers focus on the need to create a strong, stable housing finance system, USMI companies are strongly positioned to serve the housing finance market and are actively engaged in efforts to ensure that MI remains a reliable foundation for the future housing finance system.”
“The MI industry is unique in providing lenders, large and small, with a competitive, affordable and readily accessible way to reduce credit risk with private capital. MI provides policy makers a tool already used by lenders of all sizes with which to build a new housing finance system where private capital stands in front of taxpayer risk,” said co-chair Adolfo Marzol. “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
- David Gansberg – President and CEO, Arch MI
- Rohit Gupta – President and CEO, U.S. Mortgage Insurance at Genworth
- Adolfo Marzol – Executive Vice President, Essent
- Patrick Mathis – Executive Vice President, Chief Risk Officer, National MI
- Patrick Sinks – President and Chief Operating Officer, MGIC
For more information, visit www.usmi.org
Several of the country’s leading mortgage insurers have announced the launch of a new trade association for the industry.