Late payment rates peaked in June at 11.82% as borrowers struggled with the impact of the pandemic on economic activity.

Radian's MI provision for losses fell to $45.9 million in 1Q21 from $56.3 million in the fourth quarter.

The upfront MIP is 175 bps of the base loan amount on a 30-year fixed-rate FHA single-family loan. Most FHA borrowers pay an annual MIP of 85 bps for the full life of the loan.

Servicers also repurchased $20.22 billion of delinquent loans from Ginnie MBS in the first quarter, or 9.3% of total removals.

Sales of purchase loans with private MI coverage fell 21.7%, while Ginnie recorded somewhat more modest declines in FHA (16.0%) and VA (18.0%) volume.

Genworth Mortgage: "Following this offering, we will be a 'controlled company' within the meaning of the NASDAQ rules as our parent will continue to own, through GHI, more than a majority of the total voting power of our common stock."

Bray noted that Ginnie’s memorandum, which established a new pool type for re-performing loans, “puts significant restrictions" on issuers, increasing both the risk and the cost...

Old-fashioned rate-term transactions still accounted for most of the VA refi market, at 89.1% in the first quarter...

Almost two decades ago, General Electric spun off several of its insurance-related businesses (including mortgage insurance) into a new unit, creating Genworth.