GSE Private Mortgage Insurance Profile: 2Q14 PDF

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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 1,535 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.

In the second quarter:

• The MI segment of GSE business gained ground, with 26.3 percent of all loans sold to Fannie Mae and Freddie Mac carrying private mortgage insurance as compared to 23.3 percent in the first quarter. For three firms in the top 100, half or more of their 2Q sales carried PMI: #63 Lake Michigan Credit Union (51.5 percent), #72 Veritas Funding (50.0 percent) and #91 Union Home Mortgage (52.2 percent).

• The volume of MI-insured purchase mortgages securitized by the GSEs was up 38.0 percent from the first quarter, and up 8.2 percent from the year before. One of the beneficiaries was Cherry Creek Mortgage, ranked 49^th for volume of private MI-insured loans originated in the retail and broker channels in the second quarter, which sold $100.0 million in MI-covered purchase-money loans from these channels to the GSEs in 2Q14 and just $6.4 million in refinances.

• Business returned squarely to the traditional MI loan-to-value ranges, with 90.3 percent of the MI-covered loans sold to the GSEs falling in the 85 percent to 97 percent band. Parkside Lending (#119) bucked the trend, with 46.1 percent of its loan sales carrying LTVs below 85 percent.

• California and New York continue to present the greatest opportunity for growth in the MI category, with just 14.1 percent of California sales and 17.0 percent of New York sales covered by private MI.

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.