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Home » Mortgage insurers’ first quarter results were mostly flat or down.
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Mortgage insurers’ first quarter results were mostly flat or down.

i2wtcBy i2wtcMay 6, 2024No Comments2 Mins Read
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Private mortgage insurers had a weak first quarter compared to 1 year agothe number of new insurance underwriting decreased by 9%, but was flat compared to the volume for the previous three months of 2023.

By comparison, 4th quarter of 2023 And in the first quarter of last year, NIW activity fell by 15%.

Moreover, during the most recent two quarters, MGIC again ceded market share (as it did a year ago), declining by 1.8 percentage points. Based on data compiled by Keefe, Bruyette and Woods, this time around, Radian rose 1.5 percentage points to 19.5 percent, ranking first overall, while National MI rose 0.8 percentage points.

Industry-wide NIW for the first quarter was $59.1 billion, compared with $59.0 billion in the fourth quarter and $64.6 billion year-over-year.

Meanwhile, the Mortgage Bankers Association’s estimates show that total mortgage loan production fell quarterly to $377 billion in the period ending March 31, compared with $399 billion three months earlier. However, this was still higher than the first quarter of 2023 trading volume of $333 billion.

Private MI is typically used as credit enhancement for loans sold to Fannie Mae and Freddie Mac, which have loan-to-value ratios of over 80%, and compete with government programs such as the Federal Housing Administration.

Below are first quarter results for six active mortgage insurance underwriters.





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