Mortgage Insurance Companies Suspension Announcement

As you are aware, the private mortgage insurance industry is in a turbulent period. Recently, both Moody’s and S&P have downgraded the ratings of several CHFA-approved private mortgage insurance providers below CHFA’s bond issuance standard of at least AA- or Aa3, effectively removing those providers from the CHFA-approved list.

Until further notice, only the following three companies are CHFA-approved private mortgage insurance providers:

Genworth Mortgage Insurance Corp

Republic Mortgage Insurance Corp (RMIC)

United Guaranty Residential Insurance Company (UGI/AIG)

CHFA will deny any Mortgage Loan Purchase insured by the following:

Radian Guaranty, Inc.

Mortgage Guaranty Insurance Corp (MGIC)

TRIAD Guaranty Insurance Corp

PMI Mortgage Insurance Corp

If you intend to use Radian, MGIC, TRIAD or PMI to insure a reserved CHFA loan currently in process, the loan must have mortgage insurance approval and a mortgage insurance certificate dated on or before Friday May 9, 2008

The following policy is effective Friday May 9th at 11:59pm for all CHFA loans.

CHFA will continue to actively communicate any updates or changes to this policy through our website and eNews.