Friday, May 2, 2008

Pete Pannes of PMI Mortgage Insurance #66

Bruce Norris is joined this week by Senior Vice President, Field Sales and National Accounts of PMI Mortgage Insurance Co., Pete Pannes. Bruce and Pete discuss the basic business of PMI, when a borrower in a transaction pays for PMI, the range in cost, when PMI is required on a loan, if sellers can pay for the cost of PMI, competitors in mortgage insurance, what would happen if a mortgage insurer went out of business and its effect on the lenders, current stresses on mortgage insurers, how the industry is structured to handle issues in the market, how insurance changes the amount a consumer can borrow, if PMI is only for first trust deeds, if PMI has gotten more popular in recent years, if property value increases reduce insurance costs, at what point PMI is cancelled, what happens if prices go backwards, can PMI be reinstated if loan to value shifts, what price range of loans PMI covers, variances in PMI by state, if PMI can be used for purchases and refinances, how the market got away from paying PMI with 80% first and 20% second, if more traditional underwriting is taking place and if it includes PMI, how PMI was ignored because of run up of appreciation in previous years, reemergence of FHA and how it compares to PMI, how the consumer benefits from PMI, how lenders benefit from PMI, if PMI makes loan more liquid on Wall Street, how PMI assists bank if foreclosure takes place, what is covered in the policy and for how much, the borrower in foreclosure and recourse against borrowers in default, how do consumers prove they are in a 20% equity position, if late payments or rapid market declines can cause the bank to change its policies, do mortgage seconds or home equity line of credit change the PMI situation going forward, will PMI be required for longer amounts of time,

Pete Pannes is Senior Vice President, Field Sales and National Accounts, for PMI Mortgage Insurance Co., responsible for ensuring operational excellence with PMI customers nationwide.

Pannes has more than 18 years combined experience in the mortgage and mortgage insurance industry. He joined PMI in 1990 as an Account Representative and was promoted to Account Executive in 1992. He was a key part of the PMI management team that in 1994 formed CMG Mortgage Insurance Company (CMG MI), PMI's joint venture with CUNA Mutual serving the growing credit union market. Pannes held several positions at CMG MI from 1994 to 2001, when he joined CUNA Mutual as Senior Vice President and General Manager of CMG MI. In 2004 he rejoined PMI as Vice President of National Sales-Division Manager, responsible for the management of all field sales and select national accounts for the Eastern U.S.

Pannes holds a Bachelor of Science degree in Business Administration from Arizona State University.

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