Private mortgage insurance is a type of insurance that protects the lenders in case a borrower defaults on the payment of a mortgage loan. It also protects the lender in cases of losses or foreclosure of the home. Mortgage insurance is important and beneficial to the homebuyer in that because lenders are protected against any loss or events of default by the borrower, they are more likely to lend money to homebuyers who have less than 20% to pay for the down payment of a home. Because of mortgage insurance, homebuyers are given more chances to purchase a home even with a paltry down payment of 3 – 5%. Of course, the credit store of the buyer is also considered along with the market of the where the property is.
There are many mortgage insurance providers in the United States all offering their brand of insurance protection for the creditors. While for most part their services are similar and central to providing basic protection for lenders and increased chances for homebuyers, there are some significant differences that make one provider better than the other. Be it in customer service, or a more defined passion found in the employees, these factors are critical in that it helps us to rank the companies in terms of size, clientele and position in the market. In a time when the economy is uncertain, it pays to trust only the best names in insurance providers, for your sake and your financial future.
This list serves to identify the top mortgage insurance services in the country based on the number of direct premiums that they have written. They are the following:
10) Aztec Insurance Company
A locally owned company that prides itself for having a friendly and courteous bilingual staff ensuring that communication is at optimum level and that all deals are clearly stated and direct. All concerns and problems are addressed with careful consideration by the staff so you don’ t have to worry about small yet important details .Aztec Insurance Company is able to provide you with complete information and advice complete with quotations on whatever insurance type it is that you need. One of the specialties of Aztec Insurance aside from their mortgage insurance is that they are able to get you car insurance even if you don’t have a driver’s license.
They live on the philosophy that no policy is too small and believe that you should not put your family, your life’s work or your employment at risk. By working closely with you, Aztec ensures that they can provide the best-customized insurance plan for your budget and needs.
9) Southern Pioneer Property & Casualty Company
Southern Pioneer provides clients with different insurance services and products for all kinds of customer needs and concerns. These include dwelling fire insurance, credit related insurance, garage liability insurance, homeowners insurance and of course, mortgage insurance. The company has been active since 1955, ensuring a safe and secure future for families and businesses in the Southern area. They are one of the top licensed insurance providers in Tennessee, Oklahoma, Missouri, Mississippi, Kansas, Arkansas and Alabama. Their collateral protection program is done in conjunction with the participation of over 80 banks.
Southern Pioneer is best known for the service they provide their customers. They are committed to providing their customers and agents only the best cost-effective and guaranteed insurance plans. Anytime there is a concern or a problem, Southern Pioneer makes sure that there is an agent or representative who can fully attend to these needs.
8) CMG Mortgage Insurance Company
CMG Mortgage is one of the leading insurance providers for members of the credit union industry. They specialize in protecting lenders from any losses or foreclosures arising from a default made by a member on a mortgage loan. The company was established in 1994 as a partnership between PMI Mortgage Insurance Co. The mission of CMG is to help out the credit market by bringing the best of mortgage insurance to them. The company is best known for their consistently high ratings, excellent customer service, training programs to bring out the best in their employees, technology breakthroughs and ever evolving research-backed solutions, underwriting support and of course their competitive products and services.
CMG is known for providing the credit union industry with the right technology, new solutions, tools and value added services to help manage their mortgage lending businesses better.
7) Triad Guaranty Inc.
Triad Guaranty was formed in 1981 for the purpose of providing credit organizations in the United States a means of protection in their lending business. It is a wholly-owned subsidiary that is based in Winston-Salem, North Carolina. Triad is known for providing excellent service to all their customers including online access to some of their premium services. They provide a 24 hour all access to significant loan data in their website so that Triad customers can work with their borrower’s loan cancellations and transfers wherever they may be. They can also provide other services like activating deferred premium policies all with a few clicks of the mouse. Claims and default forms may be submitted to the Triad website making the process easier and hassle-free.
Triad Guaranty is at the forefront of providing risk-free solutions to the ever-growing and evolving demand of their customers. By employing only the most dedicated staff committed to make a difference in the world of mortgage insurance, we look forward to seeing more breakthroughs from this company in the near future.
6) Old Republic International Corporation
Old Republic International Corporation is a title and deed and property insurance company. It is a Fortune 500 company with headquarters located in Chicago Illinois. Its reported revenue in 2003 was $3.286 billion USD. Old Republic is also responsible for publishing an annual review which enjoys a wide readership among employees, customers, agents, brokers and virtually anyone else who is interested in the company’s product and service offerings as well as their projects and business objectives.
Old Republic enjoys ranking as one of the top 50 corporations in the United States. The strength of this company lies in their years of experience and an unwavering premium on their services. They provide some of the best customer service in the insurance industry and never rest on their laurels. In fact, they take each day as an opportunity to improve on their services, realign business goals and continue making a difference in the world of insurance and finance.
5) Genworth Financial Inc.
Genworth’s thrust lies in the strength and stability that they provide their customers. They are aware of the economic uncertainties that plague consumers in these times and they want to be able to offer you sounder and safer solutions. By offering a dynamic array of insurance options they are able to provide families a means of protecting and building their financial independence. Whether you are looking to build your first home, trying to secure your family’s future or planning a comfortable retirement, you can be sure that Genworth will not tire in coming up with solutions to keep your financial future safe and secure.
Glenworth’s products are wide and varied and all designed to bring peace of mind to your family. First and foremost, they provide mortgage insurance. This type of insurance is beneficial especially to first time homeowners in that they are able to purchase houses at less than 20% down payment. Even with a down payment of as low as 3 – 5%, it is made possible by providing lenders an insurance that they can fall back on in case of default by the borrower. Other insurance products of Genworth include life insurance, lifestyle protection and long term care insurance among others.
4) Radian Group Inc.
Radian calls themselves the protectors of the American dream by offering a wide array of insurance solutions that protect both the lender and the borrower. Their services and products open up doors and opportunities for countless of first time homeowners and keeping the dream alive for many generations of American families. Radian is particularly known for providing only the best in customer care and service, with needs and concerns addressed professionally and immediately. Through a wide variety of policies, customers are given a safe and secure financial future as their needs are met while taking into consideration their budget and lifestyle.
Radian is headquartered in Philadelphia and continues to be one of the top mortgage insurance provides in the country because of the name that they have built for themselves through the years. Offering nothing but premium products and services, they have left thousands of customers and policy holders happy and satisfied. This ensures that they will be holding on to the top spot for plenty more years to come.
3) American International Group
American International Group is one of the most well known insurance groups in the United States. Its headquarters is in New York City and also have offices located around the world. They have branches in London, Paris and Hong Kong. From the 2011 Forbes Global list, American International ranked as the 29th largest corporation in the world. Simply put American International Group is a leading financial and insurance provider in the world. It operates in more than 130 countries providing not only insurance products and services but other offerings such as financial services, retirement services and asset management. Its common stock is listed not only in the New York stock exchange but in stock exchanges in Tokyo and Ireland as well.
The secret of American International Group’s success lies in its people. They have a dedicated staff or hardworking individuals who are passionate about bringing excellent service to their customers. Because of the talent and dedication of thousands of AIG employees around the globe, the company only grows stronger and bigger with each passing year.
2) PMI Mortgage Insurance
PMI is proud to have been picked and chosen by several publications like Silicon Valley Business Journal, East Bay Business Times and the San Francisco Business Times as one of the best places to work in, a testament to the ideal working environment and good business ethics that surround the PMI Mortgage name. PMI has been in business for 35 years now providing only the best kind of risk management solutions that provide security and financial freedom to their clients and their ever changing needs.
PMI is known to provide their lenders dependable support in the form of mortgage insurance in the event that their borrower goes on a default landing the home in foreclosure or a financial loss. In this event, lenders are secured in the peace that they will not go under when their borrower does. This set up allows more first time home buyers to purchase a home for as little as a 3 to 5% down payment. Fast acting and effective mortgage insurance providers such as PMI help make this dream come true for homebuyers.
PMI is not only concerned with making profit or building its own name. They were the first mortgage insurance company to have joined the HOPE Now Alliance while working with many alliances in providing and building a better education for borrowers nationwide.
1) MGIC Investment Corp.
MGIC is the founder of the private mortgage insurance industry. Needless to say, they are the industry leaders, providing excellent mortgage insurance services nationwide and also to some lenders in Puerto Rico. MGIC is able to provide lenders a support and protection against credit losses. Homeowners also has MGIC to thank in that they are provided with homes sooner even with little down payment. The MGIC success is credited to a combination of a golden history, full-on leadership, a commitment to service and dedication by its employees. It prides itself on being the nation’s leading mortgage insurance provider and works every year on strengthening its policies and products so that customers can continue to expect only the most premium services from the company.
There you have it, a list of some of the best mortgage insurance providers in the country. It goes to show that a company is made better by a dedication to serve, a commitment to the work being done and a clear vision for advancement in the insurance industry.