Following the completion of its acquisition of CMG Mortgage Insurance Company and PMI Mortgage Insurance Company, Arch has been classified as an eligible mortgage insurer by Fannie Mae and Freddie Mac.
The new company, which will be called Arch Mortgage Insurance Company, can now serve all US lenders nationwide, including credit union customers and is seen as a comprehensive mortgage insurance operating platform.
The move will complement Arch’s existing book of business and will likely benefit from synergies with its European mortgage insurance arm.
Commenting on the transaction, Constantine Iordanou, chairman and CEO of Arch, says, “We are extremely pleased to complete this transaction and expand our existing mortgage insurance and reinsurance capabilities, which will enable our company to provide a strong and diversified source of private capital to the US mortgage insurance market.
“We believe the impressive operational, managerial and risk management expertise of Arch, together with the mortgage insurance professionals we have assembled, will form an industry leading team with broad capabilities to meet our clients’ needs. Our ability to promote from within is another indication of the depth and strength of the management team we have built at Arch. As we develop our new business, we look forward to working with Fannie Mae and Freddie Mac.”
Arch, Fannie Mae, Freddie Mac, mortgage insurance