PMI MI Launches 100% LTV Rate Plan

Published August 04, 2004, 2:00 p.m. EDT

1 Min Read

PMI Mortgage Insurance Co., Walnut Creek, Calif., has introduced a new product, Premium Advantage, that will enable borrowers to finance their mortgage insurance premiums on up to a 100% loan-to-value basis.PMI said Fannie Mae has agreed to structure transactions on deals that use the new rate plan, and it described the joint announcements as part of a PMI and Fannie Mae alliance called "Gateway to Homeownership in a New Century." Taia Lockhart, vice president of emerging markets at PMI Mortgage Insurance, said Premium Advantage will help borrowers reduce monthly payments and will aid PMI's customers by enabling them to qualify more first-time homebuyers. The new plan will be made available through Fannie Mae's Desktop Underwriter for transactions up to 100% LTV, including the base loan amount plus the financed portion of the mortgage insurance premium.

Processing Content

For reprint and licensing requests for this article, click here.

MORE FROM NATIONAL MORTGAGE NEWS

250 years of bank tech, from Franklin to digital banking

A tour of the technology that banking has run on, dating back to Franklin's anti-counterfeit measures and the bank-note bulletin that preceded American Banker.

By Carter Pape
Technology Reporter

July 3
Reverse mortgages

HECM endorsements climb even as securitization slips

Issuances of new HECM-backed securities dropped off in June on both a monthly and yearly basis, according to a new report from New View Advisors.

By Spencer Lee
Technology Reporter

July 2
M&A

Two Harbors shareholders finally approve CrossCountry deal

The vote to approve the $12 per share deal, which rejected a hostile bid from UWM Holdings, came following several postponements of a special meeting.

By Brad Finkelstein
Originations Editor

July 2
Cyber Security

UWM sued over vendor data breach

A mortgage customer claims his data was compromised in a hack last year at a tax and accounting firm reportedly used by the wholesale giant.

By Andrew Martinez
Reporter

July 2
Secondary markets

Freddie Mac tightens condo and manufactured home loan rules

The government-sponsored enterprise clamped down on project review requirements and certain factory-built home appraisals while loosening other guidelines.

By Bonnie Sinnock
Capital Markets Editor

July 2
Mortgage rates

Mortgage rates slip to lowest point since mid-May

The June jobs report is creating an overhang on economist forecasts for interest rates going forward, especially when combined with recent inflation data.

By Brad Finkelstein
Originations Editor

July 2

Load More