National MI approved as eligible mortgage insurer by Fannie Mae and Freddie Mac
Jan 23, 2013 (Datamonitor via COMTEX) --
National Mortgage Insurance Corporation, a private mortgage insurer, has been approved as an eligible mortgage insurer by Fannie Mae and Freddie Mac, subject to maintaining certain conditions.
Along with their approval, Fannie Mae and Freddie Mac have indicated that they will be ready to accept loans insured by National Mortgage Insurance (National MI) in the second quarter of 2013. Both Government Sponsored Enterprises (GSEs) will be communicating directly to lenders regarding the timing and process.
"These approvals by Fannie Mae and Freddie Mac mark a huge milestone for National MI," said Bradley Shuster, president and CEO of National MI. "I thank both Enterprises for their prompt actions and for recognizing the importance of a new mortgage insurance entrant at this critical time for the housing industry. National MI now officially embarks on the important business of providing mortgage insurance on mortgages to qualified borrowers."
"National MI's approval to provide mortgage insurance on loans delivered to Fannie Mae will provide greater capacity in the market", said Rob Schaefer , Fannie Mae vice president of Credit Enhancement Strategy and Management. "We appreciate National MI's ongoing work to meet our eligibility requirements and look forward to working with them as they serve Fannie Mae and our lender partners."
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