Amidst an ongoing mortgage performance downturn that has hammered private mortgage insurance companies, there has been a significant shake-up in the rankings of MIs as measured by new business in 2008.
According to numbers compiled by Inside Mortgage Finance, Genworth Financial, last year’s fourth most active MI in terms of volume jumped to second place in the first quarter thanks to a huge 104 percent increase in business. Meanwhile, PMI Mortgage Insurance, 2007’s second place finisher, tumbled all the way to sixth place in the first three months of this year due to a precipitous 55 percent fall in new business.
Overall, private MI business in the first quarter was down just slightly – less than 1 percent – from year ago levels. But traditional flow business is way up while bulk coverage is way down due to the collapse of the non-agency mortgage securities market.
Posted by imfpubs 
