The draft Private Mortgage Insurer Eligibility Requirements (PMIERs), released for public comment earlier today, establish new standards that mortgage insurers must meet in order to insure loans sold to or guaranteed by Fannie Mae and Freddie Mac (the GSEs). Based upon its mortgage insurance portfolio as of
In its review of the draft PMIERs shared with the industry participants, Arch MI estimated the amount of “available assets” (as defined by the PMIERs) that would be required by the PMIERs if they were applied to Arch MI’s mortgage insurance portfolio as of
The PMIERs are subject to a sixty-day public comment period ending on
The draft PMIERs propose up to a two year phase-in, beginning after publication of final PMIERs, for approved mortgage insurers to fully comply with the PMIER financial requirements. The available assets required to satisfy such final requirements at any point in time will be affected by many factors, including the content and timing of any final PMIERs, macro-economic conditions, and the size and composition of Arch MI’s mortgage insurance portfolio at the applicable point in time.
ABOUT ARCH MORTGAGE INSURANCE COMPANY (FORMERLY KNOWN AS CMG MORTGAGE INSURANCE COMPANY)
Arch MI is a leading provider of private insurance against mortgage credit risk. Headquartered in
For more information about Arch MI, please visit: www.archmi.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. This release or any other written or oral statements made by or on behalf of Arch MI, Arch Capital Group Ltd. or its subsidiaries may include forward-looking statements, which reflect our current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this release are forward-looking statements.
Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or their negative or variations or similar terminology. Forward-looking statements involve our current assessment of risks and uncertainties. Actual events and results may differ materially from those expressed or implied in these statements. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements includes the following: adverse general economic and market conditions; increased competition; pricing and policy term trends; fluctuations in the actions of rating agencies and our ability to maintain and improve our ratings; investment performance; the loss of key personnel; the adequacy of our loss reserves, severity and/or frequency of losses, greater than expected loss ratios and adverse development on claim and/or claim expense liabilities; greater frequency or severity of unpredictable natural and man-made catastrophic events; the impact of acts of terrorism and acts of war; changes in regulations and/or tax laws in
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein or elsewhere. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Arch Capital Group Ltd.
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