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Mortgage Insurer Looking For Growth North of Border.(PMI Mortgage Insurance Co.)
WALNUT CREEK, CA -- PMI Mortgage Insurance Co. here, already with offices outside the U.S. in Australia, New Zealand, Hong Kong and Europe, is looking north of the border for its latest international market.
The company has filed an application with Canada's Office of the Superintendent of Financial Institutions.
"We view Canada as a very attractive, dynamic, mortgage market," said Glenn Corso, group senior vice president for PMI.
Among its competition is a government agency, the Canada Mortgage and Housing Corp., as well as Raleigh, N.C.-based Genworth Mortgage Insurance Corp. CMHC has the largest market share.
Mr. Corso said PMI has been observing how well Genworth has done in the Canadian marketplace. In addition, he noted there are similarities between the Australian market in which PMI currently operates in and in Canada. PMI also competes with Genworth in Australia.
PMI provided statistics from a survey done by the Canadian Institute of Mortgage Brokers and Lenders, which shows that 69% of the market up there has a fixed-rate mortgage, although variable-rate mortgages are gaining market share.
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