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.)
Low-balance borrowers seeking to refinance pay proportionally higher closing costs and receive a smaller reduction in interest rates, according to findings published by the Federal Reserve.
Purchase-mortgage business with primary mortgage insurance held up well in the second quarter while refi activity dropped, according to an analysis of agency MBS issuance. (Includes two data charts.)
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