WALNUT CREEK, Calif., May 9 /PRNewswire-FirstCall/ -- PMI Mortgage Insurance Co., the U.S. subsidiary of The PMI Group, Inc. (NYSE:PMI), today announced that it has issued new guidelines for modification of insured loans that will help more distressed borrowers save their homes. The new guidelines define the criteria for loans insured by PMI that qualify for modifications, and delegates the authority to modify the terms of these eligible loans directly to loan servicing companies. These new guidelines are applicable to all delinquent loans insured by PMI.
The new guidelines can be accessed online at http://www.pmi-us.com/servicers "Our servicing partners are working hard to modify qualified loans as quickly as possible," said John Jelavich, PMI's Vice President of Homeownership Preservation Initiatives. "This expansion of our servicing partners' delegated authority to modify loans will expedite the loan modification process and assist our servicers' efforts to keep more borrowers in their homes." About PMI Mortgage Insurance Co.
PMI Mortgage Insurance Co. (PMI US), a subsidiary of The PMI Group, Inc. (NYSE:PMI), provides residential mortgage insurance to mortgage lenders, capital market participants, and investors throughout the United States. PMI US is incorporated in Arizona, headquartered in Walnut Creek, CA, and licensed in all 50 states, the District of Columbia, Puerto Rico, Guam, and the Virgin Islands. By mitigating default risk, residential mortgage insurance expands home ownership opportunities and assists financial institutions in reducing the capital they are required to hold against low down payment mortgages. PMI US is rated AA by Standard and Poor's, Aa2 by Moody's, and AA by Fitch. For more information: http://www.pmi-us.com/.
Cautionary Statement: Statements in this press release that are not historical facts or that relate to future plans, events or performance are 'forward-looking' statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, PMI's U.S. Market Risk Index, Affordability Index, and any related discussion, and statements relating to future economic and housing market conditions. Forward-looking statements are subject to a number of risks and uncertainties including, but not limited to, the following factors: changes in economic conditions, economic recession or slowdowns, adverse changes in consumer confidence, declining housing values, higher unemployment, deteriorating borrower credit, changes in interest rates, or a combination of these factors. Readers are cautioned that any statements with respect to future economic and housing market conditions are based upon current economic conditions and, therefore, are inherently uncertain and highly subject to the changes in the factors enumerated above. Other risk and uncertainties are discussed in the Company's filings with the Securities and Exchange Commission, including our report on Form 10-K for the year ended December 31, 2007. http://www.newscom.com/cgi-bin/prnh/20061023/SFM058LOGO http://photoarchive.ap.org/ DATASOURCE: PMI Mortgage Insurance Co.
CONTACT: Media, Nate Purpura of The PMI Group, Inc., +1-925-658-6247, or Investors, Bill Horning of The PMI Group, Inc., +1-925-658-6193 Web site: http://www.pmi-us.com/
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