General World News

Private mortgage insurance industry boomed in 2020

Private mortgage insurance helped over 2 million low downpayment borrowers secure mortgage financing in 2020, a 53% increase from 2019, according to data from the government sponsored entities. The private mortgage insurance industry also supported $600 billion in mortgage originations.

The result was approximately $1.3 trillion in outstanding mortgages with active private mortgage insurance coverage by year’s end.

Members of the mortgage insurance industry worked closely with federal policymakers, industry groups, and consumer organizations to support homeowners experiencing financial hardship due to the COVID-19 pandemic, according to Lindsey Johnson, the president of industry trade group U.S. details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com