PARTIAL CLAIM PAYMENT PLAN UPDATE

April 18, 2024 - Barbara D. Richardson, PMI’s Receiver, has authorized an increase of the partial claim distribution percentage from 81% to 82%. Unless the Receiver indicates otherwise or economic conditions materially change, PMI will plan an implementation date on June 14, 2024 for this increased payment percentage and the corresponding true-up payments to policyholders who previously received partial claim payments of 81%. The increased percentage of 82% will be effective on the implementation date. The remaining 18% will be deferred for potential payment depending on PMI’s ability to pay additional amounts in the future.

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.

PREVIOUS PARTIAL CLAIM PAYMENT PLAN UPDATES

September 15, 2023 - The partial claim distribution percentage was increased from 78.5% to 81%. The remaining 19% 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 78.5% were made to match the new increased payment percentage.

March 21, 2023 - Barbara D. Richardson, PMI’s Receiver, has authorized an increase of the partial claim distribution percentage from 78.5% to 81%. Unless the Receiver indicates otherwise or economic conditions materially change, PMI will plan an implementation date on or about September 15, 2023 for this increased payment percentage and the corresponding true-up payments to policyholders who previously received partial claim payments of 78.5%. The increased percentage of 81% will be effective on the implementation date. The remaining 19% will be deferred for potential payment depending on PMI’s ability to pay additional amounts in the future.

March 18, 2022 - The partial claim distribution percentage was increased from 77.5% to 78.5%. The remaining 21.5% 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 77.5% were made to match the new increased payment percentage.

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.

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.

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%.

KEY REGULATORY/RECEIVERSHIP EVENTS

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.



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