Lenders won't be getting an eighth active mortgage insurance underwriter to choose from after all. But they may get repaid faster on claims from a carrier in runoff.
Old Republic International Corp. for a second time has abandoned plans to turn to outside sources to recapitalize its mortgage insurance subsidiary. The Chicago-based holding company instead will inject its own funds into the company for the purposes of eliminating its deferred payment obligation plan and paying 100% on all claims from now on. Republic Mortgage Insurance Co. will remain in run-off status and not return to writing new business, as Old Republic had previously announced.