GSE Private Mortgage Insurance Profile: 2Q13

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 in the print edition.

The data in this report 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.

You would learn from the 2Q13 report that:

  • Looking at loans originated in the retail and broker channels, where the seller controls the choice of insurance coverage, among the top 10 sellers Nationstar  and United Shore led the way in share of loans with PMI coverage. Nationstar had PMI coverage on 24.4 percent of the loans it sold to the GSEs; United Shore, 24.3 percent. First Federal Savings and Loan Association (Ohio), ranked number 108, had the largest share overall, though, with 71.0 percent.

  • Most of the insured loans carried a loan-to-value ratio between 85 percent and 97 percent. But at American Financial Resources, 74.9 percent of the PMI-covered loans sold to the GSEs had higher LTVs, 14.6 percent in the 97-to-105 band and 60.3 percent in the 105+ band.

  • California led the states and territories in the volume of GSE loans with PMI coverage. But the size of the mortgage business in California masked the fact that few loans from the state were covered by private mortgage insurance (just 7.9 percent). Only the tiny market in Guam registered a smaller proportion.

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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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