America marked its 250th birthday this year, and the private mortgage insurance industry is approaching a milestone of its own. Nearly 70 years ago, Max Karl founded Mortgage Guaranty Insurance Corporation (MGIC) in Milwaukee, creating the private MI industry as we know it. Since 1957, private MI has helped nearly 41 million homeowners purchase a…
Seth Appleton, President of U.S. Mortgage Insurers (USMI), today released the following statement on President Trump’s executive order, “Decreasing Housing Costs for the American People,” which includes a provision directing U.S. Federal Housing (FHFA) Director to consider establishing a pilot program for the cancellation of private mortgage insurance (private MI) on future loans.
Seth Appleton, president of U.S. Mortgage Insurers, issued the below statement on proposed mortgage insurance policy changes announced by Director of Federal Housing FHFA Bill Pulte:
Seth Appleton, President of U.S. Mortgage Insurers (USMI), today released the following statement:
More than 800,000 Homebuyers Used Low Down Payment Mortgages Supported by Private MI in 2025; Return of Tax Deductibility of Premiums Provides Benefits Beyond the Closing Table
Over 38,000 Illinois households relied on private mortgage insurance to achieve homeownership with down payments as low as 3% last year
Over 36,000 Ohio households relied on private mortgage insurance to achieve homeownership with down payments as low as 3% last year
Over 64,000 Texan households relied on private mortgage insurance to achieve homeownership with down payments as low as 3% last year
Over 46,000 Floridian households relied on private mortgage insurance to achieve homeownership with down payments as low as 3% last year
Over 41,000 Californian households relied on private mortgage insurance to achieve homeownership with down payments as low as 3% last year
See what other financial institutions and stakeholder groups had to say about private MI in comments to proposed bank capital rules.
On July 24, USMI submitted a comment letter in response to the FHFA NPR on “Enterprise Duty to Serve Underserved Markets.”
