Archives

TRENTON, NJ - March 15, 2011 - (RealEstateRama) -- The New Jersey Department of Banking and Insurance has proposed regulations that will temporarily allow financially healthy companies offering mortgage guaranty insurance, which covers lenders for losses if a borrower defaults on a mortgage loan, to seek a waiver of some financial requirements. Granting that waiver will ensure the continued widespread availability of mortgage guaranty insurance, also known as private mortgage insurance (PMI), which is generally required for prospective home buyers who make less than a 20 percent down payment when purchasing their home, and will help stimulate the housing market.