National Mortgage Insurance Corp. gains GSE approval
National Mortgage Insurance Corporation (“National MI”), a new private mortgage insurer, has been approved as an eligible mortgage insurer by Fannie Mae and Freddie Mac, subject to maintaining certain conditions. National MI intends to offer mortgage insurance on a nationwide basis and provide an innovative approach to risk protection.
Along with their approval, Fannie Mae and Freddie Mac have indicated that they will be ready to accept loans insured by National MI in the second quarter of 2013. Both Government Sponsored Enterprises (GSEs) will be communicating directly to lenders regarding the timing and process.