RMIC protects lenders from losses due to defaults on first mortgages for residential properties.
Since beginning operating in 1972, we typically insured loans for the purchase or refinancing
of homes when the amount borrowed exceeded 80% of the property's value. With the collapse of
the housing and credit markets, the business shifted into a run off operating mode in 2011. While
RMIC has discontinued writing new insurance, we continue to support our customers
and our in-force book of policies. We continue to maintain all systems, processes,
and contact points for policy servicing, loss mitigation, and claims operations. This
includes participation in HARP.
|
