ABOUT US | CAREERS | CONTACT US | LOGIN e-PMI Type Size: A A A SERVICERS HOMEOWNERS HARP FORMS PARTIAL CLAIM PAYMENT PLAN UPDATE March 19, 2021 - The partial claim distribution percentage was increased from 76.5% to 77.5%. The remaining 22.5% will be deferred for potential payment based on PMI’s ability to pay additional amounts in the future. Additionally, corresponding true-up payments to policyholders who previously received claim payments of 76.5% were made to match the new increased payment percentage. PMI OPERATIONS UPDATE RELATED TO COVID-19 Consistent with public health orders from applicable local governments, PMI has advised its employees to work from home to protect their health and safety, and to help limit the spread of COVID-19. PMI and its critical third party service provider do not anticipate any material disruption in PMI’s ability to continue to service existing policies and process valid claims. PMI will monitor the coronavirus situation and adjust operations as necessary. If you have any questions, please email us at contactus@pmigroup.com. Premium Deferral and Cancellation Information During the COVID-19 Pandemic Colorado: Consistent with the Colorado Division of Insurance’s directive in Bulletin No. B-5.38, PMI will make reasonable accommodations to prevent insureds from losing coverage due to cancellation for non-payment of premium during the COVID-19 pandemic. Reasonable accommodations include, but are not limited to: Extension of premium grace periods; Waiver of late payment fees; A moratorium on cancellations for non-payment; Defer any non-renewal underwriting actions; and, Provide a continuation of coverage for any expiring policy. New Jersey: The New Jersey Department of Banking and Insurance issued Bulletin No. 20-15 directing insurers to provide their insureds who may be experiencing a financial hardship due to COVID-19 with at least a 90-day grace period to pay insurance premiums so that insurance policies are not cancelled for nonpayment of premium. A policyholder may elect this 90- day emergency grace period to begin retroactively on April 1, 2020 or opt for the grace period to begin on May 1, 2020. During this extended grace period, insurers shall not cancel any insurance policy for nonpayment. Insurers are also directed to: Waive late payment fees otherwise due during the 90-day period; Allow premiums due but not paid during the 90-day period to be paid over the remainder of the current policy term or up to 12 months in up to 12 equal installments, whichever is longer, except that an insurer may permit a longer repayment period; and Ensure that late payments during the 90-day period are not considered in any future premium calculations at any time. This grace period is intended to be applied to all installment payments, provided that the insured provides notice to the insurer that the insured wishes to continue coverage. It is not intended to change the terms of the issued policy or be considered a forgiveness of the premium. Rather, it is intended that the insurer grant the policyholder an extended grace period for the payment of premium due without penalty or interest. PREVIOUS PARTIAL CLAIM PAYMENT PLAN UPDATES March 13, 2020 - The partial claim distribution percentage was increased from 74.5% to 76.5%. The remaining 23.5% will be deferred for potential payment based on PMI’s ability to pay additional amounts in the future. Additionally, corresponding true-up payments to policyholders who previously received claim payments of 74.5% were made to match the new increased payment percentage. March 22, 2019 - The partial claim distribution percentage was increased from 72.5% to 74.5%. The remaining 25.5% will be deferred for potential payment based on PMI’s ability to pay additional amounts in the future. Additionally, corresponding true-up payments to policyholders who previously received claim payments of 72.5% were made to match the new increased payment percentage. June 22, 2018 - The partial claim distribution percentage was increased from 71.5% to 72.5%. The remaining 27.5% will be deferred for potential payment based on PMI’s ability to pay additional amounts in the future. Additionally, corresponding true-up payments to policyholders who previously received claim payments of 71.5% were made to match the new increased payment percentage. KEY REGULATORY/RECEIVERSHIP EVENTS June 10, 2016 - The cash percentage of the partial claim payment plan increased to 71.5% (from the previous 70%). The remaining 28.5% 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 70% cash percentage were trued up (in a one-time payment) to the increased level of 71.5%. April 10, 2015 - The cash percentage of the partial claim payment plan increased to 70% (from the previous 67%). The remaining 30% 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 67% cash percentage were trued up (in a one-time payment) to the increased level of 70%. 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%. 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%. 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. 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. October 20, 2011 - 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. August 19, 2011 - PMI Mortgage Insurance Co. (“PMI”) informed you of regulatory requirements that precluded PMI from writing new commitments of insurance. ADDITIONAL INFORMATION 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 claims.update@pmigroup.com or call (800) 795-4764. Quick Links e-PMI® Servicing » e-PMI® Origination » Servicing Accouncements » Contact Us Terms of Use PMI Privacy Careers Purchase Order Terms Share: © 2021 PMI Mortgage Insurance Co., in Rehabilitation