Mortgage Insurer Trade Group Disbands
The Mortgage Insurance Companies of America has discontinued operations, a statement on the trade group's website says.
The group disbanded as of Jan. 31, sources say. The website has a forwarding link to a gmail account. A request for further information was not immediately returned Friday.
The last statistical release the group issued was on Dec. 31 for November.
For the past few years, the trade group has only had three members: Genworth, Radian Guaranty and Mortgage Guaranty Insurance Corp. United Guaranty had pulled out of the group in March 2011. Republic Mortgage Insurance Co., PMI Mortgage Insurance Co. and Triad all left the group when they entered into run-off and Essent and National MI never joined. CMG, now called Arch Mortgage Insurance Co., had its data included with PMI's when that company was a joint venture with CUNA Mutual.
A new mortgage insurance industry effort is in the works that will be announced in a few weeks, an industry source says.