National Mortgage Insurance Corp., the newest entrant into the private mortgage insurance field, has now been approved by New York to do business, making 22 states (plus the District of Columbia) which have given the company their blessings.
However, NMI is still waiting for Fannie Mae and Freddie Mac to bestow their approvals.
Other states where NMI has been approved include North Carolina, Ohio and Virginia. The company is headed up by former PMI executive Bradley Shuster, while another PMI veteran, Glen Corso, serves as general counsel. NMI said its goal is to start writing business in the first quarter.
New York represents a sizable percentage of the country’s private mortgage insurance market, making the state’s approval noteworthy, Corso said. North Carolina’s approval also marked a crucial achievement for NMI.
“As home to several private mortgage insurance companies, North Carolina is widely regarded as one of the most significant states in terms of mortgage insurance regulation,” he said.
Earlier this year, NMI Holdings Inc. raised $550 million in private capital for the new venture. National MI was founded by Shuster and Jay Sherwood, executive vice president and chief financial officer of the company.