MGIC INCREASES PMIERS AVAILABLE ASSETS TO $900 MILLION
Q1 2018 FINANCIAL RESULTS indicate that MGIC has increased the AVAILABLE ASSETS for PMIERS to $900 MILLION above the requirements.
In addition, MGIC MANAGEMENT added $60 MILLION to "Reserve for loan losses and LAE". It's discretionary as to what is a prudent level of reserves. Otherwise, some companies could have choose to show $61 million as profit.
From the SEC 10K dated December 31, 2017....
These are amounts in excess of the assets required under PMIERS (in millions):
$900 MGIC
$450 RADIAN
$82 NATIONAL
$5 ESSENT
* ARCH
*ARCH has assets In various insurance entities outside of their private mortgage insurance company but, they say their in compliance.
"Effective December 31, 2015, Fannie Mae and Freddie Mac, at the direction of the FHFA, implemented new coordinated Private Mortgage Insurer Eligibility Requirements, which we refer to as the "PMIERs."
The PMIERs represent the standards by which private mortgage insurers are eligible to provide mortgage insurance on loans owned or guaranteed by Fannie Mae and Freddie Mac. The PMIERs include financial strength requirements incorporating a risk-based framework that require approved insurers to have a sufficient level of liquid assets from which to pay claims.
The PMIERs also include enhanced operational performance expectations and define remedial actions that apply should an approved insurer fail to comply with these."
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