A new mortgage insurance firm started by former executives from The PMI Group hopes to begin writing policies early next year, according to officials close to the company.
Back in May the company, National Mortgage Insurance Corp., Emeryville, Calif., filed applications to insure loans with secondary market purchasers, Fannie Mae and Freddie Mac.
Those applications are now pending. “It will probably take nine months to get all final approvals,” said one official close to the situation, requesting his name not be used.
The firm also has approvals pending in almost every state.
Bradley Shuster, who ran PMI's international operations until the company sold its Australian unit to QBE Group in 2008, is the chairman, president and CEO of NMI Holdings Inc. Glen Corso, who left PMI a few years back, is the company’s executive vice president and general counsel. (For more details see the Monday paper edition of NMN).
