PMI Mortgage Insurance Co. (PMI) is expanding its loan-modification efforts to include all mortgages insured by it, not just Home Affordable Refinance Program-eligible loans owned or guaranteed by Fannie Mae (FNM) or Freddie Mac (FRE).
Mortgage insurers, who cover loans with an outstanding balance of at least 80% of the home’s value or purchase price, have been hurt by skyrocketing claims as defaults continue to mount. As such, it is to their benefit that loans don’t go bad.
PMI’s role in loan-modification efforts entails insurance certificates, and the company said it won’t charge fees to modify the existing ones. To be eligible, the loans in question must be current and the changes should ease payment terms, extend the period in which adjustable rates are fixed or lengthen the payoff timeframe.
PMI shares were recently down 2% at $1.90. The stock is down 39% the past year, but sharply higher than its all-time low of 26 cents hit in March.
#1 by coupons for mcdonalds on September 13, 2009 - 9:55 pm
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#2 by Glory Mae on March 18, 2010 - 8:47 am
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This is an informative post. PMI Mortgage insurance Corporation is offering charge-free in modifying existing loan. Can you post more service and benefit offers by PMI Insurance Corporation. Thanks.