Big Shake-Up in Ranking of MIs by Volume in 2008

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.

Update on Loss Mitigation Strategies in 2008 Focus of New Event

Mortgage industry experts will provide a detailed look at what foreclosure avoidance and management strategies are working in the current depressed housing market on May 20 at 3 p.m. at an important new audio conference from Inside Mortgage Finance. Featured speakers from Wells Fargo, PMI and Freddie Mac are headlining the program. Additionally, results from a major new study of mortgage lender loss mitigation practices will be released at this must-attend event. Click here for more info.