PGA golfer Dustin Johnson sues Nat Hardwick for $3 million theft

PGA golfer Dustin Johnson sues Nat Hardwick for $3 million theft

Former LandCastle Title CEO was Johnson's attorney and "trusted advisor"

Are record-low interest rates masking high-cost mortgage lending?

Five leading economists weigh in and the answer may surprise you

Auction.com partners with Google to predict housing trends

Nowcast will predict in real time
W S
Lending / The Ticker

Old Republic mortgage insurance run-off plan under scrutiny

/ Print / Reprints /
| Share More
/ Text Size+

The regulator for Old Republic International Corp. (ORI) is hosting a hearing next month to review the mortgage insurer's corrective plan for operating its mortgage insurance subsidiary in run-off mode.

Earlier this year, Old Republic made it known that its Republic Mortgage Insurance (RMIC) subsidiary would have to operate in run-off mode due to steep losses and a need for more capital.

The North Carolina Department of Insurance has called a hearing for Oct. 16 to review and discuss whether the deferred payment claim obligation structure it established should be revamped.

The mortgage unit's corrective plan aims to increase the cash portion of settlement claims from 50% to 60%, a move that would reduce the deferred payment obligation retained in claim reserves from 50% to 40%.

The plan also seeks to let Republic Mortgage Insurance execute its run-off plan and to ensure the continued operation of the mortgage unit under supervision for the time period needed to accomplish all of the plan's objectives.  

kpanchuk@housingwire.com

Recent Articles by HousingWire Staff

Comments powered by Disqus