NMICs Entry Boosts MI Industry Capacity Even as Genworth, Essent Contemplate Directional Shifts
January 24, 2013
The private mortgage insurance landscape is shifting in 2013 with the entry of a new MI provider, Genworth Financials announced plan to revamp its mortgage insurance business, and reports of a plan by Essent Guaranty to go public later this year. Fannie Mae and Freddie Mac last week approved National Mortgage Insurance Corp. as an eligible insurer, clearing the companys entry into the U.S. mortgage insurance market with a scheduled launch in the first quarter of 2013. NMICs entry brings to seven the number of companies that are currently active in the MI market while three other companies are in a runoff mode. Earlier last year, NMIC parent NMI Holdings, Inc., raised...