As the shutdown of the federal government entered its second week, private mortgage insurers alerted clients and potential clients they will insure mortgage loans if the Federal Housing Administration, operating with a skeleton crew, jeopardizes closing dates.
Private mortgage insurers have been alerting clients and potential clients they will insure loans whose closing have been delayed by federal shutdown.
The State of Arizona moved in last week to assume control of PMI Mortgage Insurance, one of the two shareholding companies of CUNA Mutual Group Mortgage Insurance, the leading mortgage insurer for credit unions in the U.S.
The definition of what or will not constitute a qualified residential mortgage may be the most important and least appreciated or understood financial regulation facing credit unions this year.
This look at a key Aug. 1 deadline is just one of the articles that will appear in the next edition of Credit Union Times.
Executives from CUNA and CUNA Mutual Insurance Group are asking more credit unions to comment on ongoing discussions about the definitions of what will be a qualifying residential mortgage, or QRM.
Identifying the year’s key trends and determining how to capitalize on them for the benefit of your members and your bottom line is always important. However, 2011 will be particularly pivotal within the residential mortgage market. There are three areas to watch closely.