While mortgages with primary insurance coverage included in agency mortgage-backed securities declined in the first quarter overall, VA refi volume jumped. (Includes two data tables.)
Increases in property taxes and home insurance that bump escrow amounts could put homeowners in financial hardship, according to a new survey by Lereta.
The volume of loans declined in all mortgage insurance categories on both the purchase-mortgage and refinance sides of the agency market in 2023. Meanwhile, FHA gained market share. (Includes two data tables.)
As severe weather events batter major housing markets, borrowers are finding it difficult and expensive to obtain homeowners insurance, according to panelists at a Mortgage Bankers Association conference.
Low-income borrowers could divert some of their downpayment funds to a reserve account that would pay loan costs during emergencies in a pilot program proposed by the Urban Institute.
Private mortgage insurers gained market share in the agency purchase market during the first quarter, even as securitization of insured mortgages declined. (Includes two data charts.)
Climate change means future hurricanes will be more severe and have a more northerly track, changing the geography of loss risk for lenders and insurers alike.
Rising interest rates took a bigger bite out of private MI activity than FHA business in the fourth quarter of 2022. On an annual basis, primary MI activity fell, based on agency MBS issuance, though issuance volume involving loans without MI was off by even more. (Includes two data charts.)
Among purchase mortgages with primary mortgage insurance, GSE volume declined in the third quarter while FHA and VA volume increased. California also lost its spot as the top source of loans with MI. (Includes two data charts.)