Private mortgage insurers had a weaker to begin with quarter in comparability to at least one calendar 12 months again, as new insurance coverage written fell by 9%, but it surely was flat from volumes witnessed in the final a couple of months of 2023.
In comparability, amongst the fourth quarter of 2023 and closing 12 months’s to begin with quarter, NIW motion dropped off by 15%.
In addition, in between the 2 most new quarters, MGIC as soon as once more ceded sector share (because it did a single yr prior), slipping 1.8 proportion factors. This time throughout that principally benefited Radian, up 1.5 proportion factors to 19.5% and No. 1 overalls, and National MI, .8 proportion factors elevated, primarily based on info compiled by Keefe, Bruyette & Woods.
Field-broad NIW for the preliminary quarter was $59.1 billion, in comparability with $59 billion in the fourth quarter and $64.6 billion on a yr-over-year basis.
In the meantime, full residence loan manufacturing was lower quarter-to-quarter, in accordance to Property finance loan Bankers Association estimates, $377 billion for the interval completed March 31 in comparison with $399 billion three months earlier than. But this was even now bigger than the primary quarter 2023 amount of $333 billion.
Personal MI is usually made use of as credit score historical past enhancement for monetary loans marketed with mortgage-to-value ratios round 80% to Fannie Mae and Freddie Mac, and competes with governing administration methods a lot of these because the Federal Housing Administration.
In this text is a seem at very first quarter outcomes for the 6 energetic mortgage insurance coverage protection underwriters:
