PMI: out of business

By
Property Manager with AmeriTeam Property Management SL#3200658
https://activerain.com/droplet/hck

Had to take the opportunity to re-post the following from The Regan Team.  Early on in my real estate walk, I didn't look at PMI as an option- for all intents and purposes, they were the option.  Just as there are many colas yet only one is a Coca-cola and there are other issues yet only one kind is a Kleenex.

Others may have differing opinions, but as I see it PMI ranks among the others I've just mentioned- often imitated, never duplicated. 

Farewell, P.M.I.....

PMI, the private mortgage insurance company that helped millions of people with low down payments purchase a home is no longer in business. As of Friday August 19th they stopped issuing mortgage insurance for those with less than 20% down. Here’s the announcement:

 out of business

So what does this mean for those with less than 20% down?

Nothing right now; there are other mortgage insurance companies such as MGIC, RMIC, Radian, and Genworth that still provide these services. That being said it’s a trend that should be watched closely; if one of the most popular and biggest private mortgage insurance companies closed its doors, another could be next.

michael g regan

 

 

 

Michael G Regan (NMLS #275695) is a FHA, FHA 203k rehab, and Homepath Specialist in Petaluma California.  He works in Marin, Sonoma, and Napa counties.  You can reach him at 415-672-2499 or online at www.TheReganTeam.com

 

 

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Copyright © 2011 The Regan Team Home Loan Group. All Rights Reserved.

Posted by
 
DENNIS B. BURGESS
Property Manager

Licensed Florida Realtor
 
AmeriTeam Property Management
845 N. Garland Ave., #200
Orlando, FL  32801
 
 
 
205-445-4755 cell/direct
407-901-3636 x103 office
407-901-5147 office fax
 
Turning vacant into occupied, and "houses" into "homes"SM
 
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Rainmaker
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Ron Marshall
Marshall Enterprises - Saint Michael, MN
Birdhouse Builder Extraordinaire

Dennis, that is kind of scary.  Thankfully, some others will step in.  But, as you said that was the name for the insurance....sort of like Kleenex, Xerox, or Baggies. 

Aug 22, 2011 08:19 AM #1
Rainmaker
422,445
Dennis Burgess
AmeriTeam Property Management - Mid Florida, FL
Orlando Property Manager and Realtor

Hi, Ron:  Thank you for stopping by, and for your comment.  We're going to have to wait and see what happens!  I doubt it'll take long for a large group of folks to claim they're being shut out of the housing market.  Stay tuned...

Aug 22, 2011 11:09 AM #2
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Rainmaker
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Dennis Burgess

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