Not Everyone Is Cutting Back

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We’ve heard a lot recently about layoffs and industry consolidation, but it is important to note that not every mortgage-related company is contracting. For example, NMI Holdings, the parent company of National Mortgage Insurance Corp. (National MI), has said that National MI’s application for an insurance license in Wyoming has been approved by the Wyoming Department of Insurance. With Wyoming’s approval, National MI is now licensed to write mortgage guaranty insurance in all 50 U.S. states and the District of Columbia.

“We are pleased that National MI is able to provide mortgage insurance to lenders offering loans to borrowers in Wyoming,” said Bradley Shuster, president and chief executive officer of NMI Holdings, Inc. “The approval by the Wyoming Department of Insurance marks a significant milestone for National MI as we are now able to provide mortgage insurance in every state in the U.S., as well as the District of Columbia. We believe this is especially important to our customers who do business nationwide.”

By approving National MI as a licensed insurer in the state of Wyoming, National MI believes the Wyoming Department of Insurance is helping to expand the availability of mortgage financing, particularly for first-time homeowners who might not have a 20 percent down payment, Shuster noted. Private mortgage insurance is typically required on mortgages with a loan-to-value (LTV) ratio greater than 80 percent.

“National MI commends the Wyoming Department of Insurance for acknowledging the importance of private mortgage insurance and the role it plays in broadening home ownership opportunities for Americans,” Shuster said.

National MI received approval from Fannie Mae and Freddie Mac in January 2013.National MI, a subsidiary of NMI Holdings, Inc., is a U.S.-based, private mortgage insurance company enabling low down payment borrowers to realize home ownership while protecting lenders and investors against losses related to a borrower’s default.

Why do I bring this expansion up? To keep your spirits up. It’s important to for all of us active in the mortgage space to note that if we provide a valuable service, there is a healthy market out there ready to buy. It’s not all doom and gloom for industry visionaries that are actively paving a new path forward.

About The Author


Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at