1 / 9

NIFA’s 2006 Affordable Housing Deal Makers‘ Marketplace

NIFA’s 2006 Affordable Housing Deal Makers‘ Marketplace. NIFA’s 2006 Affordable Housing Deal Makers‘ Marketplace. What is Private Mortgage Insurance?.

luyu
Download Presentation

NIFA’s 2006 Affordable Housing Deal Makers‘ Marketplace

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. NIFA’s 2006 Affordable HousingDeal Makers‘ Marketplace NIFA’s 2006 Affordable HousingDeal Makers‘ Marketplace

  2. What is Private Mortgage Insurance? • MI contributes to accessible and affordable homeownership by increasing liquidity in the primary and secondary markets as a credit enhancement. • Private Mortgage Insurance (MI) provides coverage to lender or investor in event of borrower default. • It helps to make it possible for consumers to buy a house with as little as $500/1% of their own funds in down-payment.

  3. MGIC Emerging Markets-Mission Focused • Develop and promote programs that attempt to reach under-housed, under-served populations • Serve the Emerging Markets with prime or near-prime pricing • Recognize rational cultural customs related to employment, savings, lifestyle, and language • Go beyond the FICO score and employ reasonable, uncompromising measures to determine borrower creditworthiness

  4. To that end…

  5. SmartPath™

  6. Monthly Premiums on a $150,000 Mortgage…

  7. Identity: Income: Credit: Three Keys to Homeownership for Immigrants and the Unbanked Is the income supported by the documentation? Are the borrowers who they say they are? Is credit adequately established & is the credit picture complete?

  8. Borrower benefits from: • Protection against rising rates on adjustable rate seconds • No borrower-paid MI • One low monthly payment • Maximum tax-deductibility • Lower closing cost • Offers originators: • Satisfied customers, because you provided an option that is simpler and safer and more sensible than a piggyback loan (one loan to process, underwrite and close) • Easier DU/LP approvals • Saves time to devote to developing new business • Increased commission with larger first mortgage

  9. Homeownership Today About MGIC’s Emerging Markets Team Geoff Cooper—EM Director Doug Iding—EM Representative 800-558-9900 geoffrey_cooper@mgic.com Michael Williams EM Manager 617-818-4602 michael_williams@mgic.com Rosa Dalia Hernandez EM Manager 800-533-0056 rosa_dalia_hernandez@mgic.com Mark Isquith EM Manager 703-901-8950 mark_isquith@mgic.com

More Related