Servicing

The private mortgage insurers reported just 5% less business versus the third quarter and 33% more new insurance written over the fourth quarter 2023.

Members whose districts include Altadena and Pacific Palisades are behind the measure, which calls for an initial 180-day forbearance period.

Impacted borrowers should anticipate some breaks from insurance coverage and home loan payments, but timelines and relief funds could vary significantly.

Financial profiles of borrowers in the coastal areas where insurance coverage is required vary significantly from at-risk homeowners inland, CFPB's analysis found.

Californians have paid relatively less for coverage than homeowners in the storm-stricken Midwest and Southeast regions, according to Intercontinental Exchange.

Only 5% of homeowners in designated disaster-assistance areas were required to hold flood insurance, according to the Federal Housing Finance Agency's dashboard.

Litigation filed by the company points to a total of $30 million losses that have yet to be covered by its insurance partners, including Berkshire Hathaway.

Private mortgage insurers are having a strong year so far, although most had flat business in the third quarter, industry results show.

Losses related to natural disasters and other perils rose for the seventh year, and that costs both insurers and consumers more money, LexisNexis said.

As this year's natural disasters bring heightened attention to the cost and availability of homeowners insurance, servicers often find themselves caught in the middle when customers see premium hikes.