Single Family Programs
The Portfolio Management & Mortgage Insurance division supports the Agency's mission to finance the purchase of affordable homes by low and moderate income borrowers. With California facing one of the nation's highest jobless rates and second-largest percentage of homes in foreclosure, the Mortgage Insurance division worked closely with Loan Servicing and other divisions to drive down foreclosures and delinquencies. CalHFA's HomeOpeners®*, a mortgage protection program, continues to help borrowers stay in their homes–over 35 in the past year.
CalHFA's Portfolio Management works with outside servicers and oversees the maintenance, preparation for market and sale of properties. The division reaches out to mortgage servicers to encourage loan modifications for financially strapped families, helping borrowers and making them aware of the options available to them. And when families cannot keep their home, the division works with its partners to resolve claim issues.
Accomplishments - Portfolio Management and Mortgage Insurance
- Number of completed modifications increased from 244 to 329 in Fiscal Year 2010-2011.
- Collected loan servicer penalties of $559,000, up from $142,200 in previous fiscal year.
- Approved 307 short sales.
- Number of Primary Mortgage Insurance claims settled improved from 1,266 to 1,625 during the fiscal year.
- California Housing Loan Insurance Fund primary claims payments increased to $43 million in Fiscal Year 2010-2011.
* HomeOpeners® is a registered trademark of Genworth Mortgage Holdings, LLP.