Pmi Group Inc (PMIR)

Description:

PMI Group, Inc. is a Delaware Corporation. It provides residential mortgage insurance products designed to promote homeownership and strengthen communities. Mortgage insurance provides loss protection to mortgage lenders and investors in the event of borrower default. By protecting lenders and investors from credit losses, it helps to ensure that mortgages are available to prospective homebuyers. In particular, it focuses on its core business, U.S. mortgage. It provides residential mortgage insurance products to mortgage lenders and investors throughout the United States. The Company's residential mortgage insurance products typically provide first loss protection on loans originated by residential mortgage lenders and sold to the GSEs or the 'agency market' and, to a lesser extent, on loans held by portfolio lenders. The Company's core, main mortgage insurance business is offered on a loan-by-loan basis to lenders through its 'flow' channel. It is also undertaking efforts to mitigate losses, including through increased loss mitigation and loan workout efforts through its Homeownership Preservation and other initiatives. It employs a sales force located throughout the U.S. to directly sell products and services to lenders. It operates in a competitive environment. The Company's U.S. mortgage insurance subsidiaries are subject to comprehensive, detailed regulation by the insurance departments of the various states in which they are licensed to transact business.