Private MI captured 48.3% of insured purchase loans sold to Fannie, Freddie and Ginnie during the second quarter. Deliveries of VA loans spiked 55.5% higher from the first quarter.
A House committee last week approved a bill that would extend deductions for mortgage insurance premiums through 2020. Meanwhile, the Senate is grappling with how to address various expired tax breaks.
The company agreed to pay $32.5 million in damages to settle False Claims Act allegations tied to FHA underwriting. it admitted no wrongdoing while agreeing to stay in the program.
The legislation approved by the House of Representatives last week reauthorizing the National Flood Insurance Program through Sept. 30 is awaiting Senate action. The program's authority is scheduled to expire on May 31.
New primary mortgage insurance activity was down in the first quarter of 2019, but FHA and VA managed to expand their share of the market thanks to surging refinance business. Private MIs started the year slightly ahead of the pace in early 2018.
The one bright spot in the residential mortgage market last year was purchase-mortgage lending, which provided at least a faint glow in an otherwise dreary year for lenders. [Includes four data charts.]
Reports that Radian Group was in talks with private equity firms for a potential sale delivered a fillip to the company’s shares though those discussions fell through.
FHA and VA business saw a modest uptick in market share during the fourth quarter of 2018, but last year was all about the surge of the private mortgage insurance industry. [Includes two data charts.]
The flow of conventional mortgages with private mortgage insurance coverage into Fannie Mae and Freddie Mac mortgage-backed securities fell sharply in the fourth quarter – tracking a broader slump in purchase-mortgage business. [Includes three data charts.]
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