PMI Canada and Abode to Provide Customized Solutions to Non-Conforming
WALNUT CREEK, Calif., and TORONTO, June 7 /CNW/ -- On the heels of
receiving its Ontario licence, PMI Mortgage Insurance Company Canada (PMI
Canada) announced today that it has signed Abode Mortgage Corporation (Abode),
a new, non-conforming mortgage lender, as its first customer.
PMI Canada and Abode offer separate but complementary products designed
for underserved borrowers, such as the self-employed, those who have recently
moved to Canada, or those with non-traditional credit histories.
"This relationship is a natural fit for us," said Janet C. Martin,
President and CEO of PMI Canada. "PMI is known around the world for helping to
bring homeownership within reach. Our underwriting and risk management
expertise will help Abode extend mortgages to new and growing groups of
PMI intends to provide portfolio insurance on all of Abode's product
offerings, which will help consumers who are unable to find mortgage financing
through traditional sources. PMI will initially write business with Abode in
Alberta and Manitoba before expanding to British Columbia and other regions of
the country as applicable regulatory approvals are received.
"Abode offers services and benefits not available through other
non-traditional lenders. By having portfolio insurance from PMI Canada, Abode
will be able to offer a variety of innovative programs to an increasing number
of Canadian consumers," said Mike Linehan, CEO at Abode. "PMI's portfolio
insurance also improves our access to capital markets and strengthens our
Abode serves the Canadian non-conforming mortgage industry by providing
simplified products, consistent underwriting decisions, and uniform pricing.
PMI Canada received its Order to Commence and Carry On Business from
Canada's Office of the Superintendent of Financial Institutions (OSFI) in
April and has received most provincial licences. Licence approvals are
pending in British Columbia, Newfoundland and Labrador, Quebec, and Yukon.
PMI Canada offers loan-level primary mortgage insurance for residential
mortgages and portfolio insurance applied to pools of mortgage loans. Based
in Toronto, PMI Canada is a subsidiary of The PMI Group, Inc. (NYSE: PMI).
The PMI Group, Inc.
The PMI Group, Inc. (NYSE: PMI), headquartered in Walnut Creek, CA,
provides innovative credit, capital, and risk transfer solutions that expand
homeownership and fund essential services for our customers and the
communities they serve around the world. Through its wholly and partially
owned subsidiaries, PMI offers residential mortgage insurance and credit
enhancement products, financial guaranty insurance, and financial guaranty
reinsurance. PMI has operations in Asia, Australia and New Zealand, Europe,
and the United States. For more information: http://www.pmigroup.com.
About Abode Mortgage Holdings Corp.
Abode Mortgage Holdings Corp. is a public company trading on the TSX
Venture Exchange under the symbol ABD, and through its wholly owned
subsidiary, Abode Mortgage Corporation, provides mortgage services to the
increasing number of Canadians who are unable to find mortgage financing
through traditional sources.
Headquartered in Vancouver, Abode Mortgage Corporation is delivering a
new standard of service excellence to the Canadian non-conforming residential
mortgage industry by providing simplified products, consistent underwriting
decisions, uniformed pricing and competitive compensation programs. The
Company launched its lending operations in Western Canada in February 2007.
For more information: http://www.abodecorp.com
Cautionary Statement: Statements in this release that are not historical
facts or that relate to future plans, events or performance are
"forward-looking" statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Many factors could cause actual results and
developments to differ materially from those expressed or implied by forward-
looking statements, including changes in business and other conditions,
including general market conditions in the United States and Canada. Risks
and uncertainties are discussed in PMI's SEC filings, including its Form 10-K
for the year ended December 31, 2006 and its Form 10-Q for the quarter ended
March 31, 2007. PMI undertakes no obligation to update forward-looking
For further information:
For further information: Investors, Bill Horning of The PMI Group, Inc.,
+1-925-658-6193, or Media - US, Beth Haiken of The PMI Group, Inc.,
+1-925-658-6192, or Media - Canada, John Lute, of The PMI Group, Inc.,
+1-416-929-5883 Web Site: http://www.pmigroup.com