New primary MI coverage on refinance loans fell sharply in the first quarter. Purchase MI business saw a somewhat softer landing as the mortgage market nosedived. (Includes three data charts.)

The sharp drop in agency refinance business in the first quarter hit FHA and VA hard but had less of an impact on the private MI market. UWM was the top private MI customer. (Includes three data charts.)

Experts continue to debate how and when FHA should implement insurance premium reductions. Also, last week, Julia Gordon’s nomination to head FHA advanced in the Senate.

Mortgage originations with primary MI coverage declined 11.6% from the third to the fourth quarter of 2021. On a year-to-date basis, FHA did better than VA and the private MIs. (Includes three data charts.)

An analyst with Keefe, Bruyette & Woods says a buyer might find the company’s mortgage servicing and technology segments of value.

Private MIs made some gains in the insured purchase-mortgage market in 2021, while the FHA grew its share of insured refinance business. (Includes three data charts.)

The FHA Mutual Mortgage Insurance Fund ended fiscal 2021 with a capital ratio of 8.03%, more than four times its statutory minimum. As anticipated, the industry wants FHA to follow up with premium cuts.

Private mortgage insurers, the VA and the FHA all saw declining refinance business in the third quarter, while purchase-mortgage business was up overall. (Includes three data charts.)

The shift from refinance to purchase-mortgage lending helped boost the share of new agency business with primary mortgage insurance during the third quarter.

Analysts are betting the Mutual Mortgage Insurance Fund will be healthy enough to propel the FHA to lower premiums early next year.