Heavy refinance activity pushed FHA and VA endorsements higher in the first quarter of 2020, while private MIs raised prices and braced for the impact of COVID-19. (Includes three data charts.)
Investment losses dented title insurance underwriters’ bottom lines in the first quarter of 2020. However, the refinance boom boosted their order volume.
Arch Capital announced loss estimates related to COVID-19. Meanwhile, S&P revised downward its outlook on five of the nation’s six private mortgage insurers.
According to independent mortgage bankers, aggregators are adding credit overlays and refusing to buy loans in response to post-closing forbearance risk.
Fannie Mae and Freddie Mac purchased fewer loans with private MI coverage in the first quarter of 2020, although the market was up sharply from the same period last year. (Includes four data charts.)
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