Private mortgage insurers had a weaker first quarter
In comparison, between
Moreover, between the two most recent quarters, MGIC again ceded market share (as it did one year prior), slipping 1.8 percentage points. This time around that primarily benefited Radian, up 1.5 percentage points to 19.5% and No. 1 overalls, and National MI, 0.8 percentage points higher, based on data compiled by Keefe, Bruyette & Woods.
Industry-wide NIW for the first quarter was $59.1 billion, compared with $59 billion in the fourth quarter and $64.6 billion on a year-over-year basis.
Meanwhile, total mortgage production was lower quarter-to-quarter, according to Mortgage Bankers Association estimates, $377 billion for the period ended March 31 versus $399 billion three months earlier. But this was still higher than the first quarter 2023 volume of $333 billion.
Private MI is typically used as credit enhancement for loans sold with loan-to-value ratios over 80% to Fannie Mae and Freddie Mac, and competes with government programs such as the Federal Housing Administration.
Here is a look at first quarter results for the six active mortgage insurance underwriters:
