News & Resources

On August 6, 2025, USMI released its 8th annual report on state level private MI data. The report found that in 2024, private MI helped more than 800,000 families become homeowners, with 65% of purchase loans with private MI going to first-time homebuyers. Private MI supported nearly $300 billion in mortgage originations, allowing first-time buyers and working families without large cash down payments access to the conventional mortgage market. Texas, Florida, California, Illinois, and Ohio ranked as the top five states for mortgage financing with private MI in 2024. These states were also ranked in the top five for mortgage originations backed by private MI in 2023 and 2022.

Particularly for first-time buyers and working families, private MI helps to overcome one of the greatest barriers to homeownership – the need for a large cash down payment. And, while many costs associated with homeownership like hazard insurance have increased, public data confirm that the cost of private MI, as measured by the premium yield on portfolios of insurance in force (IIF), has declined by 25% in recent years – even while private mortgage insurers complied with increased capital requirements.

“For nearly seven decades, private MI has provided a dual benefit to the housing market: it creates homeownership opportunities for qualified borrowers – particularly first-time homebuyers – who lack substantial down payments, while simultaneously serving as a robust safeguard against mortgage default, thereby reducing overall risk in both the housing and financial markets,” said Seth Appleton, President of USMI.

As of the end of 2024, the industry insured nearly $1.6 trillion of mortgages, including $1.4 trillion of mortgages purchased by Fannie Mae and Freddie Mac (the GSEs), protecting the housing finance system and taxpayers from credit risk. The private MI industry has also paid nearly $60 billion in claims for losses since the 2008 financial crisis. The report was covered by outlets including Mortgage Professional America, Mortgage Point, and National Mortgage Professional.

On August 27, USMI released a new blog highlighting how its members welcome Director of U.S. Federal Housing (FHFA) Bill Pulte’s announcement allowing the GSEs to use VantageScore 4.0 and that its members will be ready to accept loans with VantageScore 4.0 credit scores in accordance with the GSEs’ timelines and guidance. Homeownership serves as the primary path to stability, financial security, and intergenerational wealth for millions of Americans. However, barriers such as the inability to save for a 20% down payment (and limited awareness of available low down payment options) and a lack of credit history can pose major hurdles to those seeking to purchase a home. Including rental payment data in credit scoring could be consequential for prospective homebuyers seeking to put down roots and begin building equity, and modernized credit scores that include trended data can enhance the assessment and management of mortgage credit risk.

In July, USMI also released a statement supporting FHFA’s announcement on credit score models.

On July 4, 2025, President Trump signed the One Big Beautiful Bill Act into law, reinstating and making permanent the federal tax deduction for private and government MI premiums. USMI, along with a diverse coalition of industry, consumer, and civil rights groups, had long advocated for the reinstatement of the deduction, which was claimed more than 44 million times between 2007 and 2021, and will help make homeownership more affordable without increasing risk in the housing finance system. The return of this targeted deduction means that working class homeowners will see meaningful tax relief, and beginning in tax year 2026, eligible homeowners can once again deduct MI premiums paid to private MI companies and government agencies from their federal income taxes.

“By restoring this tax deduction, Congress and the President are standing up for American homeowners, homebuyers, and taxpayers,” said Appleton. “We welcome the inclusion of this deduction in the One Big Beautiful Bill Act and the tax relief it will deliver to many hard-working American homeowners with low down payment mortgages.”

During the time it was previously in effect (2007 – 2021):

• The MI premium deduction was claimed 44 million times, representing a combined $65 billion in deductions for hardworking Americans.
• An average of 3.4 million homeowners claimed the deduction each year.
• The average deduction amount was $1,454 per qualified taxpayer.

Statistics and commentary from USMI were included in articles from Yahoo! Finance, CNBC, NerdWallet, Investopedia, Inside Mortgage Finance, and Mortgage Point.

On July 21, 2025, USMI sent a letter to Senate Committee on Finance Chairman Mike Crapo (R-ID) and Ranking Member Ron Wyden (D-OR) expressing strong support for the Honorable Jonathan McKernan to serve as the next Under Secretary for Domestic Finance at the U.S. Department of the Treasury. Citing his “wealth of experience and a deep commitment to safety and soundness in the financial system, housing affordability, and responsible access to credit,” USMI urged the Committee to swiftly advance Mr. McKernan’s nomination to the full Senate for a confirmation vote. Since USMI’s submission, the Committee has advanced McKernan’s nomination which is now pending before the full Senate.

Additionally, on August 4, 2025, USMI President Seth Appleton congratulated Frank Cassidy on his nomination to serve as Federal Housing Administration (FHA) Commissioner, saying that “Cassidy’s extensive background in real estate and housing finance will position him to make an immediate and positive impact at FHA and for the borrowers the agency serves.” Appleton continued, “Upon confirmation by the U.S. Senate, we look forward to working with Frank Cassidy on a coordinated housing finance policy to facilitate access to affordable and sustainable mortgage financing for working class families across the country while promoting safety and soundness in the U.S. housing finance system.”

June was National Homeownership Month and USMI took the opportunity to reflect on how homeownership is central to the American Dream and an aspiration – and inspiration – for millions of families. And it’s not exclusively about housing or shelter. In fact, respondents to USMI’s 2024 National Homeownership Market Survey noted that respondents said owning a home provides stability, is a good investment that provides financial security, and provides a sense of safety.

USMI’s 2024 survey also found that 58% of Americans – and 65% of renters – said that it had become more difficult and challenging to purchase a home in recent years. Fortunately, as millions of homeowners now know, a large down payment doesn’t need to be an obstacle that keeps homeownership out of reach. It is a myth that a 20% down payment is needed. Private MI continues to make the dream of homeownership possible for millions of people across the country with down payments as low as just 3% of the home purchase price.

On August 25, U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner wrote a piece titled, “How Trump’s bill helps aspiring homeowners,” that focused on the return of the tax deduction for mortgage insurance premiums (MIPs). “Mortgage insurance lowers risk to lenders and opens paths to homeownership for Americans who would otherwise be priced out of the housing market by the need to make large down payments. The return of the MIP deduction means fuller wallets for middle-class families and first-time homebuyers who pay MIPs to HUD’s Federal Housing Administration, other government agencies, or private insurers,” wrote Secretary Turner.