REMIC provides first mortgage insurance to banks, credit unions and pension funds and others that finance multifamily properties, condominiums, cooperatives as well single-family homes. REMIC has been a subsidiary of the New York Housing Development Corp. since 1993, its largest client.
Fitch's rating is based on the corporation's strong underwriting performance, which has proved profitable during its 27-year history. During that time, it has had to pay just 11 claims. Other factors include REMIC's very low risk leverage ratio (2.9:1 at the end of its fiscal year 2000), its high level of geographic concentration, small size and the rating limitations imposed by HDC.
On Oct. 31, 2000, REMIC had $32 million in total assets, more than $156 million of insurance in force and $93.5 million at risk on 263 loans.
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