PMI Mortgage Insurance Co. insured $1 billion of affordable housing loans in the first seven months of this year, the company reported Monday.
It insured the loans through partnerships with large lenders such as BankAmerica Mortgage, nonprofits such as local neighborhood housing services, state housing finance agencies, Native American tribes, and Fannie Mae and Freddie Mac.
The programs target low- and moderate-income people and underserved populations such as minorities, Native Americans, and immigrants.
PMI's affordable housing efforts have contributed to its recent growth, said W. Roger Haughton, chairman and CEO.
PMI estimated that its market share increased to more than 16% in the second quarter, from 13.7% a year earlier.