One of the three biggest national ratings agencies has moved its outlook on CUNA Mutual Group's Mortgage Insurance pending sale to a subsidiary of Arch Capital from negative to positive.
Sale of jointly owned mortgage insurer will take a while to finalize because of bankruptcy complications of partner firm.
Bermuda-based insurer will operate firm through distribution and reinsurance agreement pending Arizona regulator, other approvals.
The ongoing saga involving PMI Mortgage Insurance and CUNA Mutual Group Mortgage Insurance entered into a new stage on Thanksgiving Eve when the PMI Group, PMI MI's holding company, filed for bankruptcy in federal court.
CMGMI's public statements on PMI bankruptcy so far have stressed its lack of impact on the firm's day-to-day operations and financial health.
PMI Group and PMI Mortgage ordered to stop issuing new insurance commitments without state approval.