To all policyholders, insureds, servicers and interested parties:
On August 19, 2011, PMI Mortgage Insurance Co. (“PMI”) informed you of regulatory requirements that precluded PMI from writing new commitments of insurance.
On October 20, 2011, Christina Urias, the Director of the Arizona Department of Insurance (“Director”), sought and obtained an Order Directing Full and Exclusive Possession and Control of Insurer pursuant to A.R.S. § 20-172 from the Arizona Superior Court, Maricopa County (“Court”), granting the Director full and exclusive possession and control of PMI (“Interim Receivership Order”). Concurrently with the issuance of the Interim Receivership Order, the Director filed a Verified Complaint for Appointment of Receiver and Injunction with the Court.
October 21, 2011, PMI informed policyholders, insureds, and servicers of loans insured by PMI of the Interim Receivership Order and that, pursuant to the Interim Receivership Order, rather than implement a full moratorium on claim payments, the Director had instituted a partial claim payment plan. Under this plan, effective October 24, 2011, claim payments by PMI would be made at 50%, with remaining amounts deferred for potential future payment or partial payment depending on PMI’s ability to pay such claims.
On March 14, 2012, the Court entered an Order for Appointment of Receiver and Injunction (“Receivership Order”) placing PMI into rehabilitation. Please click here to view the Receivership Order, and other receivership court filings related to PMI’s rehabilitation.
On April 5, 2013, the cash percentage of the partial claim payment plan increased to 55% (from the previous 50%). The remaining 45% will be deferred based upon PMI's ability to pay additional amounts in the future. Additionally, all claims that have previously been settled at a 50% cash percentage were trued up (in a one-time payment) to the increased level of 55%.
On March 7, 2014, the cash percentage of the partial claim payment plan increased to 67% (from the previous 55%). The remaining 33% will be deferred based upon PMI's ability to pay additional amounts in the future. Additionally, all claims that have previously been settled at a 55% cash percentage were trued up (in a one-time payment) to the increased level of 67%.
PMI continues to fully support its customers’ ongoing claims, policy servicing and loss mitigation programs. Accordingly, PMI maintains excellent systems, processes, and contact points for all policy servicing, loss mitigation, and claims operations.
If you have any questions, please email us at email@example.com or call (800) 377-4764.
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(877) 764-ePMI (3764)
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(800) 685-4PMI (4764)
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(800) 795-4PMI (4764)