PMI, which reported a third quarter loss of $229 million, said it expects paid claims, net of captive reinsurance recoveries, for its U.S. mortgage insurance operations to be between $850 million to $900 million for full year 2008. This is a reduction from its previous expectation for full year 2008 paid claims. Earlier, PMI had estimated that claims in its U.S. mortgage insurance business would be between $900 million and $975 million.
The homebuilding giant reported two separate cyber incidents this year, with the most recent breach of its mortgage unit affecting more than 348,000 individuals.
The move threatens IMBs and outside loan originators who rely on real estate agents for referrals, as the company aims to keep borrowers within its platform.
Fed Chair Kevin Warsh's much anticipated speech at the Jackson Hole meeting reinforced past comments about reducing communications around forward guidance.
The ex-CEO got a regulatory OK to officially rally shareholders for his plan, although he's still awaiting a federal judge's decision on a restraining order.
The deal is backed by recently originated, 30-year fixed-rate mortgages with an average combined loan-to-value ratio of 75.1%, according to Morningstar DBRS.
Academy Mortgage's deal will cover around 285,000 class members. It's the sixth deal this year by a mortgage firm seeking to squash consumer complaints.