Transcript No Slide Title

NIFA’s
NIFA’s 2006
2006
Affordable
Housing
Affordable Housing
Deal
DealMakers‘
Makers‘ Marketplace
Marketplace
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Homeownership
Today
What is Private Mortgage Insurance?
 MI contributes to accessible and affordable
homeownership by increasing liquidity in the primary and
secondary markets as a credit enhancement.
 Private Mortgage Insurance (MI) provides coverage to
lender or investor in event of borrower default.
 It helps to make it possible for consumers to buy a house
with as little as $500/1% of their own funds in downpayment.
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Homeownership
Today
MGIC Emerging Markets-Mission Focused
 Develop and promote programs that attempt to reach
under-housed, under-served populations
 Serve the Emerging Markets with prime or near-prime
pricing
 Recognize rational cultural customs related to
employment, savings, lifestyle, and language
 Go beyond the FICO score and employ reasonable,
uncompromising measures to determine borrower
creditworthiness
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Homeownership
Today
To that end…
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Homeownership
Today
SmartPath™
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Homeownership
Today
Monthly Premiums on a $150,000
Mortgage…
97% LTV /
18%*
Coverage
FICO 620+ or
Nontraditional
credit
< 620
Standard or
A- Premiums
97% LTV /
18%*
Coverage
SmartPath
$69 or $113
Class I
(#1595)
$63
$148 to $326
Class II
(#1596)
$101
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Homeownership
Today
Three Keys to Homeownership for
Immigrants and the Unbanked
Identity:
Are the borrowers
who they say they
are?
Income:
Is the income
supported by the
documentation?
Credit:
Is credit adequately
established & is the credit
picture complete?
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Homeownership
Today
Borrower benefits from:
► Protection against rising rates on adjustable rate seconds
► No borrower-paid MI
► One low monthly payment
► Maximum tax-deductibility
► Lower closing cost
Offers originators:
►Satisfied customers, because you provided an option that is simpler and
safer and more sensible than a piggyback loan (one loan to process,
underwrite and close)
►Easier DU/LP approvals
►Saves time to devote to developing new business
►Increased commission with larger first mortgage
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Homeownership
Today
About MGIC’s Emerging Markets Team
Geoff Cooper—EM Director
Doug Iding—EM Representative
800-558-9900
[email protected]
Michael Williams
EM Manager
617-818-4602
[email protected]
Rosa Dalia Hernandez
EM Manager
800-533-0056
[email protected]
Mark Isquith
EM Manager
703-901-8950
[email protected]
MGIC Trade Marked Confidential Material - May not be used or redistributed without the expressed written permission of MGIC.
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