New mortgage insurer National MI enacted its first 100 master insurance policies with lenders in the mortgage space this month.
The Emeryville, Calif.-based insurer has access to $500 million of private capital and is entering into the MI space at a time when firms are struggling to shore up capital-to-risk ratios and attempting to boost liquidity through the writing of new business.
The company was approved as a qualified mortgage insurer by Fannie Mae and Freddie Mac in January and has been on the fast-track since then.
By April 1, Freddie Mac was accepting loans with National MI insurance coverage, and Fannie Mae will begin accepting the company's mortgage insurance on June 1 for notes dated on or after Jan. 16, 2013.
The company is approved to write business in 46 states and the District of Columbia and currently has requests pending for approval in the four remaining states.
To assist clients, National MI also launched a mortgage insurance platform for lenders online.
National MI estimates it has enough private capital to support coverage of more than $30 billion in mortgages, making homeownership available to approximately 150,000 households.