WALNUT CREEK, Calif. and TORONTO, April 26 2007 — PMI Mortgage Insurance Company Canada (PMI Canada) has received its Order to Commence and Carry On Business from Canada’s Office of the Superintendent of Financial Institutions (OSFI). The Order enables PMI Canada to begin actively marketing its products, pending receipt of provincial licences.
“The Order to Commence is a key step in the regulatory approval process towards opening for business,” explained Janet C. Martin, President and Chief Executive Officer of PMI Canada. “We are very excited about our ability to bring additional competition to the Canadian market, which we’ll be able to do in a matter of weeks as we complete the provincial licensing process. PMI’s underwriting and risk management expertise has enabled lenders around the world to extend mortgages to new and growing groups of borrowers, including the self-employed and those without traditional credit histories. We will be helping to put more Canadians into homes.”
Steve Smith, Chief Executive Officer of The PMI Group, Inc., said, “PMI now provides mortgage insurance on four continents, and we are proud to bring this global experience and perspective to serve the Canadian market. PMI is committed to providing greater choice to lenders and consumers and bringing real value to the Canadian market. We are pleased to achieve this important milestone and look forward to competing in Canada.”
PMI Canada received its provincial licence in New Brunswick in March. Licence approvals are pending in all other Canadian provinces and territories. PMI Canada will offer loan-level primary mortgage insurance for residential mortgages and portfolio insurance applied to pools of mortgage loans. Based in Toronto, PMI Canada is a subsidiary of The PMI Group, Inc. (NYSE: PMI).
The PMI Group, Inc.
The PMI Group, Inc. (NYSE: PMI), headquartered in Walnut Creek, CA, provides innovative credit, capital, and risk transfer solutions that expand homeownership and fund essential services for our customers and the communities they serve around the world. Through its wholly and partially owned subsidiaries, PMI offers residential mortgage insurance and credit enhancement products, financial guaranty insurance, and financial guaranty reinsurance. PMI has operations in Asia, Australia and New Zealand, Europe, and the United States. For more information: www.pmigroup.com.Tags: PMI