Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
721,576-14142
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
6.97%0.01

PMI Forms Foreclosure Prevention Team

PMI Mortgage Insurance Co., a subsidiary of The PMI Group, Inc., said Wednesday that it had formed a new homeownership preservation team led by John Jelavich, PMI’s newly appointed vice president of Homeownership Preservation Initiatives. The initiative is different than a lender ramping up staff in loss mitigation, and signals a stark change in strategy for one of the nation’s largest mortgage insurers. Rather than sitting in the background and managing incoming claims, PMI is committing resources to supplement efforts already in place at lenders and servicers, whose loans it insures against loss. “The insurers stand to lose quite a bit from increasing foreclosures, and many servicers are just simply strapped,” said one source, who works in the mortgage servicing industry. “Insurers aren’t saying ‘enough’ to servicers, I don’t think, but they are stepping in much more directly.” PMI said it will expand its National Accounts Servicing team whose primary responsibility will be to partner with lenders in the development of creative solutions to help Americans avoid foreclosure. “PMI has a history of working with our customers to develop innovative solutions that preserve homeownership,” said Gene Campion, senior vice president of servicing operations, loss mitigation and claims. “We’re confident that providing additional manpower and resources to aid our customers will ultimately help people who have the ability to make a reasonable mortgage payment preserve their home.” “It is important for borrowers who are in trouble to contact their lender and see if they have options other than foreclosure,” said Jelavich. “The team will reach out to lenders and borrowers to try and bring both groups together and find creative solutions to save the borrower’s home.” For more information, visit http://www.pmigroup.com.

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please