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Lender-Paid Insurance Can Bolster Credit Enhancement on MBS Deals.(Brief Article)
Lender-paid mortgage insurance can bring significant credit enhancement to securitized pools of mortgage loans, according to Moody's Investors Service.
Moody's analysts Andrew Lipton and Shiv Rao said that in some securitized mortgage transactions, lender-paid mortgage insurance provides 75% of the credit enhancement for the most senior classes of securities.
Lender-paid mortgage insurance reduces the severity of pool losses when borrowers default. However, because lender-paid policies offer coverage on individual loans, the benefit to the pool is limited to the amounts paid by the insurer on each defaulted loan, and the insurance does not cross-collateralize the loans, the rating agency said.
The level of credit enhancement that ...
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Source: HighBeam Research, Lender-Paid Insurance Can Bolster Credit Enhancement on MBS...