There is no place like home for National Mortgage Insurance.
The Emeryville, Calif.-based insurer said Monday the California Insurance Department has approved its application to sell insurance in the Golden State. The startup has applied for licenses in all 50 states and the District of Columbia and hopes to start business in January.
Approval in California "is a critical step toward our operational launch, and in achieving our goal to provide mortgage insurance to homeowners in California and throughout the country," Bradley Shuster, the chief executive of National Mortgage Insurance, said in a news release.
The National Association of Insurance Commissioners in June approved the company's participation in a program designed to streamline the state licensing process. Approvals are expected from Fannie Mae and Freddie Mac, too, the company said.
National Mortgage Insurance's capital will support coverage of roughly $30 billion of loans to about 150,000 households throughout the country, the company said. Most borrowers are expected to be first-time homebuyers, it said.