Contact: MICA (202) 682 2683
Email: pat@micadc.org
MICA Helps Consumers Seeking to Cancel PrivateMI
Washington, D.C. May 23, 2001 -- The Mortgage Insurance Companies of America (MICA) is providing consumers a free online PrivateMI Cancellation Kit which is prominently displayed on www.privatemi.com."It is indeed rare that an industry explains how the public can stop using its product or service," noted Frank P. Filipps, MICA President, and Chairman and Chief Executive Officer of Radian Guaranty Inc., a PrivateMI company headquartered in Philadelphia.
"The downloadable kit we've posted on MICA's consumer Web site will help borrowers determine if they are eligible to cancel their PrivateMI, which is generally carried on conventional home mortgage loans with down payments under 20 percent," said Filipps. "The kit clearly directs consumers to their loan servicer for specific information about their mortgage loan."
MICA's Online Cancellation Kit contains a step-by-step Guide to PrivateMI Cancellation, Frequently Asked Questions about PrivateMI cancellation, sample letters consumers can use in communicating with their loan servicer, background on the Homeowners Protection Act and a glossary containing definitions of industry terminology.
"MICA is pleased to be able to bring this completely free service to consumers in an easy-to-access online package," said MICA Executive Vice President Suzanne C. Hutchinson. "Together with the cancellation calculator already in place on our Web site, this latest online feature underscores our industry's long-standing commitment to the proposition that borrowers should not have to pay PrivateMI premiums longer than absolutely necessary. Cancellation of PrivateMI should not be difficult or costly, therefore we've developed this kit as an alternative to the various fee-based services available."
The Online Cancellation Kit can be easily accessed at www.privatemi.com by clicking on the designated tab on the front page of the Web site.
MICA is the trade association representing the private mortgage insurance industry. Its members help loan originators and investors make funds available to home buyers with as little as 3-to-5 percent down -- and even less for qualified borrowers -- by protecting these institutions from a major portion of the financial risk of default.