MassHousing's Mortgage Insurance Fund, or MIF, achieved several milestones in fiscal year 2010, which ended June 30. FY'10 was the MIF's eighth straight record year (2,769 loans, $574 million new insurance written), and saw the MIF surpass these marks:
- $2 billion insurance in force
- 20,000 loans insured
- $3 billion in home financing insured
Mortgage insurance often gets a bad rap as something paid for by the homeowner but only benefiting the bank. MassHousing's mortgage insurance, though, features MI Plus, a unique benefit that helps a homeowner pay their mortgage for up to six months if they lose their job. In FY'10, 400 MassHousing borrowers received MI Plus mortgage payment protection benefits, which helped them stay in their homes while getting back on their feet.
It's worth noting that the MIF has been profitable for all of its 22 years in existence; this despite turmoil in the real estate market and the private mortgage insurance industry. The MIF is a key reason the Agency has been able to achieve such success in its homeownership lending over the last few years, and has made possible several special loan programs (e.g., for veterans, in specific cities and towns) offered by community banks across the Commonwealth.
If you're a lender and would like to learn more about working with MassHousing and our Mortgage Insurance Fund, contact our Business Development group.