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MIC receives approval to continue as limited mortgage insurer

Mortgage Guaranty Insurance Corporation’s (MGIC) subsidiary MGIC Indemnity Corporation (MIC) has satisfied all conditions for Freddie Mac approval to continue as a limited mortgage insurer through 31 December 2013.

The conditional approval was granted on 30 November and will allow MIC to write new business in any jurisdiction where MGIC does not meet specific regulatory capital requirements for mortgage insurers.

MIC is currently writing business in eight jurisdictions namely, Florida, Idaho, Missouri New Jersey, New York, North Carolina, Ohio and Puerto Rico.

MGIC has also agreed to pay a total of $267.5m to settle the pool insurance dispute with Freddie Mac and the Federal Housing Finance Agency (FHFA).

Of the total, $100m will be paid by 11 December and the remaining $167.5m in 48 equal installments beginning on 2 January 2013.