Mortgage Industry Aids In Canceling PMI

(REAL Trends -- Denver/Dallas) The Mortgage Insurance Companies of America (MICA) is providing consumers with a free online PrivateMI Cancellation Kit, available at www.privatemi.com.

"It is indeed rare that an industry explains how the public can stop using its product or service," said MICA President Frank P. Filipps, who is also chairman and dhief executive officer of Radian Guaranty Inc., a PrivateMI company headquartered in Philadelphia.

"The downloadable kit we've posted on MICA's consumer Web site will help borrowers determine if they are eligible to cancel their PrivateMI, which is generally carried on conventional home mortgage loans with down payments under 20 percent," Filipps said. "The kit clearly directs consumers to their loan servicer for specific information about their mortgage loan."

MICA's Online Cancellation Kit contains a step-by-step guide to PrivateMI cancellation, frequently asked questions about PrivateMI cancellation, sample letters consumers can use in communicating with their loan servicer, background on the Homeowners Protection Act and a glossary containing definitions of industry terminology.

"Together with the cancellation calculator already in place on our Web site, this latest online feature underscores our industry's long-standing commitment to the proposition that borrowers should not have to pay PrivateMI premiums longer than absolutely necessary," said MICA Executive Vice President Suzanne C. Hutchinson. "Cancellation of PrivateMI should not be difficult or costly, therefore we've developed this kit as an alternative to the various fee-based services available."

MICA is the trade association representing the private mortgage insurance industry.

www.privatemi.com

(05/30/2001)