GSE Private Mortgage Insurance Profile: 1Q13

One in seven loans sold to the government-sponsored enterprises in the first quarter of 2013, more than $50 billion in mortgages, carried some private mortgage insurance coverage. And while just more than half of this business was concentrated among 10 lenders, the other half was spread among 1,621 lenders.

In the quarterly report GSE Private Mortgage Insurance Profile, Inside Mortgage Finance looks at the details of this business: what volume of PMI-covered loans each lender sold, what the loan-to-value ratios were, how much of the lender’s GSE sales had PMI coverage, what channel the loans originated in, and which GSE the loans were sold to.

In the report, you’ll find charts

+ Ranking the lenders by volume of loans with private mortgage insurance,
+ Ranking the lenders by volume of loans originated in the broker or retail channels with private mortgage insurance, and
+ Ranking states where PMI-insured loans were originated.

For the first two charts, an alphabetical listing is also provided.

The data in GSE Private Mortgage Insurance Profile will help you learn who is using private mortgage insurance, how heavily they are relying on it for their GSE business, and what the characteristics are of the typical loan that they are insuring.

In the 1Q13 report, you'll learn:

  • Looking only at retail originations, the channel where no other parties could play a role in choosing a private MI, Quicken Loans was the top seller of MI-insured mortgages to the GSEs, with $4.00 billion. Some 22.1 percent of Quicken’s first-quarter GSE sales had private MI coverage – roughly 50 percent higher than the industry average.

  • 360 Mortgage Group sold $116.6 million of insured loans to the GSEs and 73.9 percent of them had LTV ratios over 105 percent.

  • The biggest swath of MI-insured GSE loans had LTV ratios ranging from 85 percent to 97 percent. Such loans accounted for 71.6 percent of insured loans sold to Fannie and Freddie during the first quarter.

  • Overall, 58.1 percent of insured loans securitized by the GSEs were classified as retail originations by the seller, with another 32.8 percent coming from correspondent originators.

  • Kansas was in the middle of the pack, ranking 29th of 53 states and territories for volume of PMI-covered loans sold in 1Q13. But it had one of the highest proportions of MI-insured loans with 25.1 percent of the loans sold to the GSEs carrying private mortgage insurance.

There's a wealth of information about each lender's private MI business in this data that you can use to pinpoint opportunities for new or expanded business.

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After the November elections, how long will it take for a new Congress and White House to pass GSE reform legislation?

I’m confident a bill will be passed the first year.


2 to 3 years. GSE reform is complicated.


Sadly it won’t happen in a Clinton or Trump first term.


Not in my lifetime.


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