PMI Mortgage Insurance Co., a subsidiary of The PMI Group, Inc., said Wednesday
that it had formed a new homeownership preservation team led by John Jelavich, PMI's newly appointed vice president of Homeownership Preservation Initiatives.
The initiative is different than a lender ramping up staff in loss mitigation, and signals a stark change in strategy for one of the nation's largest mortgage insurers. Rather than sitting in the background and managing incoming claims, PMI is committing resources to supplement efforts already in place at lenders and servicers, whose loans it insures against loss.
"The insurers stand to lose quite a bit from increasing foreclosures, and many servicers are just simply strapped," said one source, who works in the mortgage servicing industry. "Insurers aren't saying 'enough' to servicers, I don't think, but they are stepping in much more directly."
PMI said it will expand its National Accounts Servicing team whose primary responsibility will be to partner with lenders in the development of creative solutions to help Americans avoid foreclosure.
"PMI has a history of working with our customers to develop innovative solutions that preserve homeownership," said Gene Campion, senior vice president of servicing operations, loss mitigation and claims. "We're confident that providing additional manpower and resources to aid our customers will ultimately help people who have the ability to make a reasonable mortgage payment preserve their home."
"It is important for borrowers who are in trouble to contact their lender and see if they have options other than foreclosure," said Jelavich. "The team will reach out to lenders and borrowers to try and bring both groups together and find creative solutions to save the borrower's home."
For more information, visit http://www.pmigroup.com