Upfront fees will decline for most low-income borrowers, but will increase for some middle-income homebuyers. The result is more cross-subsidy for the GSEs’ mission-based activities.
Average loan sizes generally declined in the agency market last year. But rising mortgage rates pushed agency DTI ratios higher as the year went on. (Includes three data charts.)
Originations of purchase mortgages with primary MI coverage declined in the third quarter, but the FHA stood alone with a sturdy 7% increase in purchase endorsements. National MI was the only private insurer to boost quarterly production. (Includes three data charts.)
For the first time since 2007, private MIs accounted for over half of new insured mortgage originations thanks to surging purchase-mortgage business in the second quarter. FHA and VA were hit much harder by the nosedive in refinance activity. (Includes three data charts.)
The FHA program and private MIs accounted for slightly larger shares of insured loans securitized in the second quarter. The volume of insured loans delivered to Fannie, Freddie and Ginnie was down 8%, compared to a 39% nosedive in uninsured loans. (Includes three data charts.)
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.)