Private mortgage insurers wrote just 2% more new business on a year-over-year basis in the second quarter, but market share shifts widened the spread between the six underwriters.
The industry-wide market share gap was 1.7 percentage points for both
But for the period just ended, the spread was 5.1 percentage points.
The six companies had a three-way split in year-over-year NIW volume: MGIC and Radian were higher; National MI and Essent were basically flat; and Enact and Arch did less business.
Total new insurance written was $81.8 billion, up from
The poor spring homebuying season likely played a part in the flat year-over-year numbers. The
However, unlike title, which is needed on virtually every transaction, MI is used when borrowers put down less than 20% on a conforming mortgage. Besides the government guaranteed programs that compete with PMI, many nonconforming products do not require MI in a low down payment situation.
Going forward, the industry should benefit from
After the quarter ended, KBW
Last year, over 800,000 home purchasers used this product, according to recently released figures from the U.S. Mortgage Insurers.
The following is the results from the six active underwriters; private MI is the primary business for all but Arch.
