...This report describes the factors Fitch Ratings considers in rating state housing finance agency (SHFA)-sponsored mortgage insurance or guarantee fund programs. It represents a program-specific extension to Fitch Research on "Revenue-Supported Rating Criteria," dated June 2015, available on Fitch's website at www.fitchratings.com. This report identifies factors considered by Fitch in assigning new and existing ratings to SHFA-sponsored mortgage insurance or guarantee fund programs within the scope of the criteria. Fitch's ratings on these funds are an assessment of the insurance entity's ability to repay policyholder claims on a timely basis. This report replaces Fitch Research on "State Housing Finance Agencies: Mortgage Insurance or Guarantee Fund Program Criteria," dated Aug. 5, 2014. The key elements of Fitch's SHFA mortgage insurance criteria remain largely consistent with its prior criteria report....
