New England Insurance Trust (NEIT) and New England Mortgage Insurance Exchange (NEMIE)
A partnership with the Massachusetts, Maine, New Hampshire and Vermont Bankers Associations endorses a new Mortgage Life Insurance and Private Mortgage Insurance program through the New England Insurance Trust (NEIT) and the New England Mortgage Insurance Exchange (NEMIE).

The New England Insurance Trust (NEIT) was formed in 1963 by a group of New Hampshire based financial institutions to obtain a more attractive, low cost, and stable mortgage insurance program for their borrowers. NEIT has grown over the years and now includes over 125 financial institutions located throughout New England. NEIT’s guiding philosophy has been to, “…provide eligible borrowers of participating institutions with the lowest cost group mortgage life insurance program available in the market place, consistent with sound economic, and actuarial practice.” During the policy year ending February of 2005 NEIT generated in excess of $4.0 million in annualized premiums, made $1.7 million in claim payments to participating institutions to pay-off or reduce their insured customers’ mortgage balances, and paid more than $1.0 million to participating financial institutions.

The New England Mortgage Insurance Exchange (NEMIE) is a captive, reciprocal, reinsurance facility funded and founded by NEIT in 1997. This pooling concept has allowed subscribing financial institutions of all sizes to take advantage of economies of scale to generate additional fee income in offering private mortgage insurance underwritten by MGIC while maintaining the same cost and underwriting criteria for their borrowers. Through the quarter ending March 2005 NEMIE’s 74 subscribing institutions have reinsured more than $3.5 billion in loans and generated more than $8.6 million in income.

Daniel R. Dubreuil, Executive Vice President of Mathes Associates, Inc., is the broker administrator. For further information about the program, you can also contact Paul Trifone in our insurance agency office at (860) 774-1771. References by participating member banks can also be provided.