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Words to our Webmaster . Last updated April 30, 2002
Copyright © 2002 The PMI Group, Inc.
All rights reserved.
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About The PMI Group, Inc.
The PMI Group, Inc. (NYSE: PMI ) is headquartered in California. Through its subsidiaries PMI is one of the largest private mortgage insurers in the United States, Australia, New Zealand, and the European Union, as well as the largest mortgage guaranty reinsurer in Hong Kong. PMI is a leader in mortgage risk management technology providing various products and services for the home mortgage finance industry as well as title insurance.
Private mortgage insurance protects mortgage lenders against potential losses in the event of borrower default. By covering default risk on residential first mortgage loans, mortgage insurance facilitates the sale of low downpayment mortgages in the secondary mortgage market. In addition, private mortgage insurance expands homeownership opportunities by enabling borrowers to purchase homes with downpayments of less than 20 percent.
More about The PMI Group, Inc. and PMI Mortgage Insurance Co .
To contact our corporate headquarters, please click here . To locate your local PMI office in the United States, click here .
Headquartered in San Francisco, PMI Mortgage Insurance Co. is one of the largest mortgage insurers in the United States. In addition, PMI Mortgage Insurance Co. provides mortgage guaranty reinsurance in Hong Kong and, through a subsidiary, private mortgage insurance in Australia and New Zealand. PMI also recently opened a sales and marketing office in Europe to insure residential mortgage loans within the European Union.
PMI together with its parent company, The PMI Group, Inc. (NYSE: PMI ), and its corporate affiliates, is a leader in risk management technology, and provides various products and services for the home mortgage finance industry, as well as title insurance.
Hong Kong
Australia / New Zealand
Europe
PMI's new, state-of-the-art Internet tool provides lenders, brokers and correspondents with immediate access to our products and services. Order an MI certificate in just seconds!
e-PMI Features
Originates MI entirely online
Accepts Desktop Underwriter ® files from LOS
Delivers MI information in secure encrypted files
Works with a standard browser and operating system
e-PMI Benefits
Reduces paperwork, phone calls and faxes
Minimizes data entry errors
Easy to use
No need for additional software or training
Sensitive information is secure
The PMI Group, Inc., through its subsidiary, PMI Mortgage Insurance Co. ( PMI ), provides mortgage insurance that protects lenders against potential losses in the event of borrower default. Other subsidiaries include:
PMI Mortgage Insurance Ltd. ( PMI Australia )
American Pioneer Title Insurance Company ( APTIC )
CMG Mortgage Insurance Company ( CMG )
RAM Reinsurance Company Ltd. (Ram Re)
For more information on our subsidiaries, click here .
In addition, The PMI Group, Inc., provides mortgage guaranty reinsurance in Hong Kong.
The PMI Group, Inc. is publicly traded on the New York Stock Exchange under the ticker symbol PMI . Click on Investor Relations button to learn more about The PMI Group, Inc., request investor information, view recent financials, and access other company news and information.
Link to First Quarter Earnings Release Slides/Audio.
PMI offers competitive salaries, excellent benefits including medical, dental and vision insurance, a 401(k) plan, employee stock purchase plan and a comfortable working environment. PMI is an equal opportunity employer.
Click button for job postings and descriptions.
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Corporate Profile
Corporate Presentation
Analyst Investor Conference 2001
2001 Third Quarter Conference Call
Press Kit
Affordable Housing [Adobe Acrobat PDF - 1.4 MB]
Corporate Profile [Link]
Q & A Brochure [Adobe Acrobat PDF - 315 KB]
Results from search: http://www.pmigroup.com/jobs/
Employment Opportunities
PMI World
Headquarters
will be relocating to:
3003 Oak Road
Walnut Creek, CA in the second quarter
of 2002.
If interested in
applying for a job
opening, forward your
cover letter and
resumé (please
reference job title)
to our Human Resources department.
E-mail:
resumes@pmigroup.com
For technical positions
E-mail:
ITresumes@pmigroup.com
Mail :
601 Montgomery Street
San Francisco, CA
94111
Attn: Human Resources
Fax:
415.788.2823
PMI Mortgage Insurance Co., a top leader in the residential mortgage industry, is looking for motivated, driven professionals to fill the following positions:
CLAIMS
Executive Assistant
We are looking for a motivated individual to support the VP of Claims as well as the department. In this key position, you will perform a variety of support functions such as p erforming timekeeping responsibilities (track employee vacation and personal holiday balances, generating reports, maintaining the dept. calendar, and working with Payroll to resolve time off disputes and discrepancies). You will also p rocess invoices, monitor and reconcile department expenses against the budget, c oordinate and report quarterly accruals and the annual department budget, u pdate and maintain department organizational charts and corporate supply inventory, and c oordinate the department social functions and teambuilding events.
This position requires three to five years of job-related experience, strong communication skills, outstanding organization and time management skills, strong analytical, decision-making and presentation skills, excellent customer service skills and phone etiquette. We are looking for a self-starter who can work independently, with proven ability to manage multiple projects and work well under time constraints. You must be resourceful, innovative and competent in problem-solving and you must be detail-oriented.
Apply now .
CONTRACT BILLING & COLLECTIONS
Contract Billing & Collections Specialist
This position coordinates the billing and collection of fees generated by Risk Management Services/ National Underwriting's fee-based underwriting products in conjunction with the Accounting department and field personnel, to ensure accurate billing. You will perform regular detailed billing record reconciliations and monitor accounts receivables to ensure collection of outstanding fees. Maintain the billing module and related data entry points in our contract underwriting operating systems and databases. You will also contribute to the design and development of reports related to the billing and collections process.
This position requires a BA/BS degree and three to five years of job-related experience. You must also have a thorough understanding of underwriting, accounting and systems concepts and procedures and you must be able to communicate effectively with both internal and external customers.
Apply now .
Customer Service Representative
This position acts as the primary contact for inquiries from PMI's customers. Provide quality customer service to our originating and servicing customers and ensure lender requests, both verbal and written, are processed accurately. You will research, analyze, and process various types of lender and certificate maintenance, open items, suspense processing and/or premium payments. You will be in charge of the cash processing process and enter premium deposits using PMI's in-house system.
This position requires a BA/BS degree and one to two years of job-related experience. You must have excellent data entry skills, be familiar with MS Word and Excel and have strong communication skills.
Apply now .
CREDIT POLICY
Risk Analyst
This position will be primarily responsible for conducting analysis on pools of loans to identify risk attributes and ensure the pools meet established PMI Risk Management/ Credit Policy guidelines for lender paid mortgage insurance of Primary and Pool product. You will work closely with members of the Risk Management/ Credit Policy, Structured Transactions and Pricing departments to provide credit policy support to meet customer bulk bid deadlines. In addition, you will assist in the development and analysis of both standardized and "ad hoc" risk management reports, identifying trends in credit quality, pool performance, data integrity, risk attributes and loan performance. You may also participate in the development of PMI's credit standards and risk management policies for bulk transactions.
This position requires B.A./B.S. degree and two to four years of job-related experience and/ or training; or equivalent combination of education and experience in the mortgage industry. This position also requires considerable knowledge of mortgage underwriting including general knowledge of FNMA and FHLMC guidelines, knowledge of secondary mortgage market including MBS and REMIC and the ability to identify risk factors in large pools of loans based on limited data sets. You must be at an advanced-level of MS Excel to work with large spreadsheets of data and use the sort, filter and search functions.
Apply now .
HUMAN RESOURCES
Executive Assistant
We are looking for a dynamic, enthusiastic professional to join our team. In this highly visible position, you will report directly to the VP of Human Resources, while supporting the efficiency of the HR department. You will research, design and produce reports, edit and create correspondence, make travel arrangements, set up meetings and conferences, and maintain confidential records and correspondence. You will also be expected to prepare and maintain the annual department budget, manage the monthly reconciliation of the department budget and process all invoices.
This position requires three to five years of experience assisting at the executive-level. Must have excellent communication and writing skills, be an effective problem solver, excellent organizational skills and the ability to make decisions independently. Must be able to perform at an advanced-level of expertise MS Word, Excel, Access and Powerpoint. Human Resource department experience preferred.
Apply now .
POLICY SERVICING
Policy Servicing Administrator
This position will be primarily responsible for w orking with a team of representatives to ensure that all lender requests and/or payments are processed accurately and within the standards set for the individual process. You will a nalyze, research and process requests on assigned work, c ommunicate with lenders, borrowers and internal customers to ensure they have accurate and timely responses to their inquiries, p rovide PMI product and policy information and appropriate phone contacts, p rocess all daily work assigned by a team leader and i nteract with the telephone unit staff on lender/borrower verbal requests.
This position requires o ne to two years of job-related experience, f undamental knowledge of the business area to perform standard work activities to solve day-to-day problems, an i ntermediate level of experience with Microsoft Word, Excel and general pc applications, 1 0-key by touch, and e xcellent communication and customer service skills.
Apply now .
TRAINING AND DEVELOPMENT
Sr. Training Specialist (Operations/E-training)
In this position, you will manage all industry related training programs. This includes the development and design and, where appropriate facilitation of the training sessions. You will work directly with the appropriate departments to design needed courses. You will be responsible for the Operations Department training support, including quarterly software updates, on-going ad hoc LOS integrations, E-Commerce initiatives, as well as Underwriting training.
You will also be responsible for E-Commerce training for Underwriting and Sales. This includes designing, planning and implementing training programs from conception to rollout. You will develop, manage and adhere to the Customer Training budget as well as maintain on-going record of training sessions, E Trainer evaluations and broker information.
This position requires BA/BS degree and three to five years of corporate training experience. Must have one to three years of mortgage industry experience.
Apply now .
FIELD OFFICES
Underwriter I
Charlotte, NC. Apply now .
Underwriter III
Charlotte, NC. Apply now .
Sales/ Account Representative
Fresno, CA. Apply now .
PMI offers competitive salaries, excellent benefits including medical, dental and vision insurance, a 401(k) plan, employee stock purchase plan and a comfortable working environment.
It is the policy of PMI to employ the best qualified individuals for all jobs without regard to race, color, religion, sex, age, national origin, sexual orientation, citizenship or disability.
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Private Mortgage Insurance - PMI
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Mortgage Insurance
For most first time home buyers, saving enough money for a sizeable down payment is the greatest barrier to home ownership. Traditionally, lenders have required a down payment of at least 20 percent of the home's purchase price. However, lenders will approve a mortgage with a smaller down payment if the mortgage is covered by private mortgage insurance.
Private mortgage insurance is insurance that protects a lender in the event that a homeowner defaults on a loan. Lenders generally require mortgage insurance on low downpayment loans because experience and studies show that a borrower with less than 20 percent invested in a house is more likely to default on a mortgage. In effect, the mortgage insurance company shares the risk of foreclosure with the lender.
What is Private Mortgage Insurance?
What is PMI and why do mortgage lenders require it.
Can I Cancel PMI?
If you have to get PMI, you do not need it forever. Read how to cancel PMI.
PMI Payment Options
PMI give you several options, most people choose to add it to their monthly mortgage payment.
PMI Differs from FHA Insurance
FHA MIP is similar but understand the difference if you are comparing loan products.
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Results from search: http://www.ofheo.gov/docs/regs/rbcamendcomments.html
RBC Amendment Comments
PLEASE
READ
Below is a list
that includes electronic submissions OFHEO has received as of
1/17/02.
To access items that are available in
electronic format, click on the underlined entity. All documents presented
here are in PDF format. To view PDF files, you will need
the Adobe Acrobat plugin. Acrobat is free and can be
downloaded by clicking the ADOBE button below.
Please
contact OFHEO if you cannot access any documents listed.
RISK-BASED
CAPITAL AMENDMENT
Comments
Proposed
Rule - published
12/18/01
Comment
period closed 1/17/02
Public
Comments
Allfirst
America's
Community Bankers
America's
Community Bankers, American Insurance Association, CMG Mortgage
Insurance Company, Credit Union National Association,Cuna Mutual Group,
Mortgage Bankers Association of America, National Association of Federal
Credit Unions, National Association of Home Builders, National
Association of Realtors
, National Cooperative Business Association, and PMI Mortgage Insurance
Group
Berkshire
Mortgage Finance
California
Housing Finance Agency - CHFA
Collateral
Mortgage Capital, LLC - CMC
Consumer
Mortgage Coalition - CMC
CMG
Mortgage Insurance Company, Mortgage Guaranty Insurance Corporation, PMI
Mortgage Insurance Company, Radian Guaranty, Inc., Republic Mortgage
Insurance Company, and Triad Guaranty Insurance Corporation
Credit
Suisse First Boston - CSFB
Enterprise
Foundation, Local
Initiatives Support Corporation, National
Housing Conference, and Neighborhood Reinvestment Corporation
GE
Mortgage Insurance Corporation (Miller)
GE
Mortgage Insurance Corporation
GE
Mortgage Insurance Corporation
Fannie
Mae
FMWatch
Freddie
Mac , Appendix
1 , Appendix
2 , Appendix
3 , and Appendix
4
Goldman
Sachs
International
Swaps and Derivatives Association, Inc. - ISDA
Mahesh
Johari
J.P.
Morgan Chase & Co.
Lendlease
Real Estate Investments, Inc.
Michigan
State Housing Development Authority - MSHDA
The
Mortgage Bankers Association of America - MBA
The
Mortgage Insurance Companies of America - MICA
North
Carolina Housing Finance Agency - NCHF
New
York State Housing Finance Agency State of New York Mortgage Agency
National
Association of Local Housing Finance Agencies - NALHFA
National
Association of Realtors - NAR
National
Association of Home Builders - NAHB
National
Council of State Housing Agencies -
NCSHA
National
Multi Housing Council and National Apartment Association
- NMHC/NAA
PMI
Group (Altman)
PMI
(Haughton) - Appendix
A , Appendix
B
Prudential
Financial
PW
Funding
Rhoger
Pugh, Banking Consultant
Reilly
Mortgage Group, Inc.
RMIC
- Republic Mortgage Insurance Company
Memo
to file - Jamie Schwing - OFHEO
Self-Help
Ventures Fund (Self-Help)
South
Dakota Housing Development Authority - SDHDA
United
Guaranty
United
Guaranty Residential Ins. Co. (Gray)
United
Guaranty Corp (Nutt)
Virginia
Housing Development Authority - VHDA
West
Virginia Housing Development Fund
Wyoming
Community Development Authority - WCDA
Wisconsin
Housing and Economic Development Authority - WHEDA
Montana
Board of Housing (MBOH)
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OFHEO
|| Documents || Job
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Links
Results from search: http://www.tucsonapmw.org/sponsors/pmi/
Cindy Copley - PMI Mortgage Insurance Company
Our thanks to...
Cindy Copley
Account Executive
Southern Arizona * New Mexico
for
PMI Mortgage
Insurance Company
A Member of The PMI Group, Inc.
3111 North Central
Suite 200
Phoenix, AZ 85012
Nationwide (800) 321-8411
Nationwide Fax (800) 242-1729
Cellular (520) 235-3727
cmcopley@aol.com
(please follow the logo/link above and tell them you saw them
here!)
Results from search: http://www.loanpage.com/morpmi.htm
LoanPage - Mortgage Search : Private Mortgage Insurance
Information
If your down payment is less than 20%,
most lenders may require you to carry Private Mortgage Insurance
(or PMI). Private Mortgage Insurance provides assurance that if
you default on your payments, the lender will be able to recoup at
least 80% of the money which was borrowed.
The Buyer typically bears the cost of PMI insurance for the
lender. The buyer has some influence over the choice of insurer
but ultimately the lender must be satisfied that they will be able
to recoup any loses in case of default. Originally, when PMI was
first introduced in the early 1900's, only one large company
provided PMI - the Mortgage Guaranty Insurance Corporation (MGIC).
Now, there are many different companies that provide this sort of
coverage. If a buyer is turned down by one Mortgage Insurance
company, it is important to find a lender that will consult with
other companies. In addition, it is possible to have many lenders
waive PMI. In this sense, the buyer and the lender self-insure the
loan. Of course, the individual monthly payments change according
to the amount of the unpaid balance remaining on the loan.
Here is a list of some of the largest Mortgage Insurance
Companies. If you want to get more information abut PMI, you can
contact these companies directly. In all cases, you should
consider and discuss PMI options with your Mortgage Professional.
Company
Name
Address
Phone
Number
Commonwealth
Mortgage Insurance Company
8
Penn Center
Philadelphia, PA 19103
215-564-6000
800-523-1988
GE
Capital Mortgage Insurance
6601
Six Forks Rd.
Raleigh, North Carolina 27609
919-846-4100
800-334-9270
Home
Guaranty Insurance Corporation
620
Moorefield Park Drive
Richmond, VA 23225
804-272-1944
800-446-5793
Integon
Mortgage Guaranty Corporation
500
West 5th St.
Winston-Salem, NC 27152
919-770-2000
800-334-8697
Investors
Mortgage Insurance Company
260
Franklin St.
Boston, MA 02110
617-439-4400
Mortgage
Guaranty Insurance Corporation
250
E. Kilbourn Ave.
Milwaukee, WI 53201
414-347-6442
800-558-9900
PMI
Mortgage Insurance Co.
601
Montgomery St.
San Francisco, CA 94111
415-788-7878
800-227-4666
Republic
Mortgage Insurance Company
7820
North Point Blvd.
Winston-Salem, NC 27103
919-724-1986
800-334-8681
Triad
Guaranty Insurance Corporation
101
S. Stratford Rd., Suite 500
Winston-Salem, NC 27104
336-723-1282
800-628-4744
United
Guaranty Corporation
201
North Elm St., Suite 900
Greensboro, NC 27401
919-373-0232
800-334-8966
U.S.
Mortgage Insurance Corporation
1750
Walton Rd.
Blue Bell, PA 19422
215-825-4666
800-441-7730
Verex
Assurance, Inc.
150
East Gilman St.
Madison, WI 53707
608-257-2527
800-356-8080
Mortgage
Guaranty Insurance Company of Australia
9th
& 12th floors O'Connell House
15-19 Brent St., GPO Box 5323
Sydney NSW 2000 Australia
02-221-1644
The
Mortgage Insurance Company of Canada
1
Dundas St., West Suite 1600, Box 12 Toronto, Ontario M5G
123
416-977-6254
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Results from search: http://www.ftc.gov/bcp/conline/pubs/alerts/pmialrt.htm
Cancellation of Private Mortgage Insurance: Federal Law May Save You Hundreds of
Dollars Each Year
FTC
Consumer Alert!
Cancellation
of Private Mortgage Insurance:
Federal Law May Save You
Hundreds of Dollars Each Year
If you put less than 20 percent down on a home mortgage, lenders often require you to
have Private Mortgage Insurance (PMI). PMI protects the lender if you default on the loan.
The Homeowners Protection Act of 1998 - which became effective in 1999 - establishes rules
for automatic termination and borrower cancellation of PMI on home mortgages. These
protections apply to certain home mortgages signed on or after July 29, 1999 for the
purchase, initial construction, or refinance of a single-family home. These protections do
not apply to government-insured FHA or VA loans or to loans with lender-paid
PMI.
For home mortgages signed on or after July 29, 1999, your PMI must - with
certain exceptions - be terminated automatically when you reach 22 percent equity in your
home based on the original property value, if your mortgage payments are current. Your PMI
also can be canceled, when you request - with certain exceptions - when you reach 20
percent equity in your home based on the original property value, if your mortgage
payments are current.
One exception is if your loan is "high-risk." Another is if you have not been
current on your payments within the year prior to the time for termination or
cancellation. A third is if you have other liens on your property. For these loans, your
PMI may continue. Ask your lender or mortgage servicer (a company that collects your
payments) for more information about these requirements.
If you signed your mortgage before July 29, 1999, you can ask to have the PMI
canceled once you exceed 20 percent equity in your home. But federal law does not require
your lender or mortgage servicer to cancel the insurance.
On a $100,000 loan with 10 percent down ($10,000), PMI might cost you $40 a month. If
you can cancel the PMI, you can save $480 a year and many thousands of dollars over the
loan. Check your annual escrow account statement or call your lender to find out exactly
how much PMI is costing you each year.
Additional provisions in the law
New borrowers covered by the law must be told - at closing and once a year - about PMI
termination and cancellation.
Mortgage servicers must provide a telephone number for all their mortgage borrowers to
call for information about termination and cancellation of PMI.
Even though the law's termination and cancellation rights do not cover loans that were
signed before July 29, 1999, or loans with lender-paid PMI signed on any date, lenders or
mortgage servicers must tell borrowers about the termination or cancellation rights they
may otherwise have under those loans (such as rights established by the contract or state
law).
Next Steps
Some states may have laws that apply to early termination or cancellation of PMI - even
if you signed your mortgage before July 29, 1999. Call your state consumer protection
agency for more information about your state's rules. Fannie Mae and Freddie Mac, which
buy home mortgages from lenders, also may have guidelines affecting termination or
cancellation of PMI on home mortgages signed before July 29, 1999. Check with your lender
or mortgage servicer, or call Fannie Mae or Freddie Mac, for more information.
Contact your lender or mortgage servicer to learn whether you're paying PMI. If you
are, ask how and when it can be terminated or canceled.
For More Information
The FTC works for the consumer to
prevent fraudulent, deceptive and unfair business practices in the
marketplace and to provide information to help consumers spot, stop and
avoid them. To file a complaint or to get free
information on consumer issues , call
toll-free, 1-877-FTC-HELP (1-877-382-4357) ,
or use the online complaint form .
The FTC enters Internet, telemarketing, identity theft and other
fraud-related complaints into Consumer Sentinel ,
a secure, online database available to hundreds of civil and criminal law
enforcement agencies in the U.S. and abroad.
FEDERAL TRADE COMMISSION
FOR THE CONSUMER
1-877-FTC-HELP
www.ftc.gov
July 2000
Results from search: http://www.aptic.com/links/pressrelease.htm
American Pioneer::Employee Links
Fitch
Upgrades American Pioneer Title Insurance Company Financial Strength
Rating to 'AA'
Fitch
- Chicago (October 17, 2001) - Fitch raised the insurer financial strength
rating of American Pioneer Title Insurance Company (American Pioneer) to
'AA' from 'AA-'. The Rating
Outlook is Stable. This very high
rating is based on a capital support agreement provided by an affiliate, PMI
Mortgage Insurance Co. (PMI), a 'AA+' Fitch rated private mortgage insurer.
The rating also considers American Pioneer's high stand-alone financial
strength as a regional title insurance underwriter.
American Pioneer's strong stand-alone financial profile is
characterized by above average operating profitability and capital adequacy
relative to peers, as well as a conservative investment policy and strong agency
monitoring and control systems.
Operating
results have been favorable for American Pioneer for the last several years as
evidenced by an average annual statutory combined ratio of 93.9 percent and
return on policyholders' surplus of 26.6 percent from 1996-2000.
American Pioneer consistently reports better loss ratios than industry
averages, which is indicative of the effectiveness of its underwriting and risk
management policies. The company
reported statutory net income of $2.2 million on revenues of $65.3 million in
the first half of 2001.
American
Pioneer's capital position is very strong as estimated by Fitch's risk
adjusted capital model, with adjusted capital equal to 216 percent of required
capital at year-end 2000. American
Pioneer's reserving practices are also conservative as Fitch's analysis
indicates that statutory reserves appear to be significantly redundant relative
to actuarial requirements at year-end 2000.
American Pioneer's investment policy stresses preservation of capital.
As such, invested assets are concentrated in highly liquid, investment
grade bonds and short-term investments, with a strong emphasis on high quality
tax exempt securities.
Also
factored into the rating are American Pioneer's more limited size and
geographic scope relative to some title industry competitors, and the cyclical
nature of the title insurance business due to the variability of operating
revenues caused by macroeconomic factors that impact real estate market
activity.
American
Pioneer is a Florida domiciled title insurer that reported statutory admitted
assets of $51.6 million and policyholders' surplus of $18.9 million at June
30, 2001. Approximately 64 percent
of the company's 2000 business originated in Florida.
American Pioneer has embarked on a business expansion strategy in recent
years to broaden its geographic scope. The
company is currently licensed in 44 states and writes business in 39 states.
This strategy has led to significant premium growth in recent years.
American
Pioneer is a subsidiary of The PMI Group, Inc., a publicly traded holding
company with subsidiaries engaged primarily in private mortgage insurance and
title insurance. The PMI Group
reported consolidated assets of $2.2 billion and shareholders' equity of $1.3
billion at June 30, 2001. The PMI
Group's 2000 earned premium was split approximately 84 percent private
mortgage insurance and 16 percent title insurance.
PMI Group's private mortgage insurance subsidiary, PMI Mortgage
Insurance Co., is the nation's third largest private mortgage insurer based on
in-force premium.
Fitch
is the nation's leading full service rating agency of financial strength
ratings in the title insurance industry, with ratings on all six national title
insurance groups and several of the leading regional title insurers.
Copyright 2001 American Pioneer Title Insurance Company Questions or comments should be directed to webmaster@aptic.com
Results from search: http://nt.mortgage101.com/partner-scripts/Insurance.asp?p=drusk
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Exodus, a Cable & Wireless Service - Press Room - PMI MORTGAGE INSURANCE CO. SELECTS 2WAY WEB SERVICES FOR ELECTRONIC COMMERCE TRANSACTIONS
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PMI MORTGAGE INSURANCE CO. SELECTS 2WAY WEB SERVICES FOR ELECTRONIC COMMERCE TRANSACTIONS
2Way Web Services Help One of Nation's Largest Mortgage Insurers Reduce Cost per Transaction, Increase Online Performance and Boost Customer Satisfaction
SAN FRANCISCO, February 7, 2002 - Cable & Wireless (NYSE: CWP), today announced a service agreement to provide 2Way Web ServicesT to PMI Mortgage Insurance Co., a wholly owned subsidiary of The PMI Group (NYSE: PMI) and one of the largest private mortgage insurers in the United States. 2Way Web Services enable PMI to cost-effectively and securely execute more than 2,000 online transactions per day.
PMI also selected Cable & Wireless for the cost savings realized by outsourcing its Web services to a service provider that offers managed hosting, content delivery and network services. PMI's private mortgage insurance protects mortgage lenders against potential losses in the event of borrower default. At the company's full-service e-PMI extranet, www.e-PMI.com, banks and mortgage brokers can originate and service insurance policies in real-time. U.S.-based financial institutions use the PMI extranet to save time and money by quickly and securely submitting electronic loan files, updating confidential loan information, reporting loan sales and servicing transfers, file claims and terminating coverage.
PMI selected a 2Way Web Services design that includes modules from the 2TransactT and 2DeliverT service families to complete more online transactions at a lower cost and boost customer satisfaction with a faster Web experience. 2Way Web Services have improved performance on PMI's Web site, helping the mortgage insurer expand customer usage of e-PMI.
"2Transact and 2Deliver services have proven to be a good solution for providing a reliable infrastructure," said Randy Hyshiver, manager electronic commerce, PMI Mortgage Insurance Co. "This is allowing PMI to expand usage and reduce the cost of executing online transactions for PMI's Internet-based policy origination and servicing solution"
"Many of the world's leading financial institutions have turned to Cable & Wireless to create new revenue streams, reduce operational costs and improve customer satisfaction," said Scott Darling, vice president of hosting products and services management. "We are delighted to help one of the nation's leading mortgage insurers cost-effectively execute online transactions, complete database queries, and deliver sensitive financial information securely in real-time."
2Transact services enable PMI to execute more transactions at a lower cost through a combination of managed hosting, secure connectivity, security services, managed storage, and application management. All of these services allow companies to deliver fast, global, secure and reliable two-way online transactions and complete more online transactions.
2Deliver services reduce the cost of delivering content and improve the end user's experience with content. 2Deliver leverages both centralized and distributed edge computing resources to ensure companies deliver a compelling online experience by improving speed, enhancing the quality of multimedia applications, expanding coverage, augmenting capacity on an as-needed basis and providing control in the form of identifying and flagging content, all in a secure and guaranteed setting.
2Way Web Services for eight of the top 25 global 500 companies in the financial services sector, including ABN Amro, UBS Warburg, and JP Morgan Chase. In October 2001, Cable & Wireless became the first Web services provider to achieve independent SAS 70 Type II certification for its entire portfolio of 2Transact, 2Deliver and 2ManageT services, which cover managed hosting, networking and content delivery service elements.
About Cable & Wireless
Cable & Wireless is a major global telecommunications business with revenue of over £8 billion (US$11 billion) in the year to 31 March 2001 and customers in 70 countries and consists of two core and complementary divisions: Cable & Wireless Regional and Cable & Wireless Global. Cable & Wireless Regional offers a full range of telecommunications services in 27 countries around the world. Cable & Wireless Global's focus for future growth is on IP (internet protocol) and data services and solutions for business customers. It is developing advanced IP networks and value-added services in the US, Europe and the Asia-Pacific region in support of this strategy. With the capability of its global IP infrastructure and its financial strength, Cable & Wireless holds a unique position in terms of global coverage and services to business customers. For more information about Cable & Wireless, go to www.cw.com .
Important Notice:
Digital Island and the Digital Island logo are registered trademarks of Digital Island, Inc., a Cable and Wireless company. 2Way Web Services, 2Transact services, 2Deliver services and 2Manage services are trademarks of Digital Island, Inc., a Cable and Wireless company. All other marks are property of their respective owners.
This news release contains certain forward-looking statements, including, without limitation, statements concerning Cable & Wireless' operations, economic performance and financial condition. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Actual results could differ materially from the results referred to in the forward-looking statements. These forward-looking statements are based largely on Cable & Wireless' current expectations and are subject to a number of risks and uncertainties, including, without limitation, changes in external market factors, changes in business or growth strategy or an inability to execute strategy due to changes in such company's industry or the economy generally, the emergence of new or growing competitors, various other competitive factors and other risks and uncertainties indicated from time to time in Cable & Wireless' filings with the U.S. Securities and Exchange Commission. In light of these risks and uncertainties, there can be no assurance that the results referred to in the forward-looking statements contained in this news release will in fact occur. Additionally, Cable & Wireless does not make any commitment to disclose any revisions to forward-looking statements, or any facts, events or circumstances after the date hereof that may bear upon forward-looking statements.
Contacts:
David Radoff, U.S. Media +1 415 738 4286, dradoff@digisle.net
Lyndsay Barrett, UK Media +44 (0) 20 7716 5878, lbarrett@digisle.net
Chis Tyler, Cable & Wireless Investor Relations, +44 20 7315 4460, chris.tyler@cw.com
Valerie Gerard, US Investor Relations +1 646 735 4211, valerie.gerard@cw.com
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