GSE Private Mortgage Insurance Profile: 4Q16

Inside Mortgage Finance’s GSE Private Mortgage Insurance Profile: 4Q16 digs into the fourth quarter sales of PMI-covered loans to explore the particulars of such business lender by lender for more than 1,650 companies: what volume of PMI-covered loans each lender sold, what the loan-to-value ratios were, how much of the lender’s GSE sales had PMI coverage, what channel the loans originated in, and which GSE the loans were sold to.

You'll get these rankings:

  • Ranking of the 1,679 lenders by volume of loans with private mortgage insurance. (Also presented in alphabetical order.)
  • Ranking of the lenders by volume of loans originated in the broker or retail channels with private mortgage insurance. (Also presented in alphabetical order.)
  • Ranking of PMI use by property state.

In 4Q16:

  • Overall, 22.9 percent of loans sold to the GSEs in 4Q16 carried private mortgage insurance. Among the sellers soaring over this average: Ruoff Mortgage Co. (ranking 92nd for volume of PMI-covered loans sold in the period), 47.6 percent; Think Mutual Bank (#309), 46.9 percent; Townebank (#645), 46.7 percent; and Mann Mortgage LLC (#1246), 57.6 percent. On the low side: Cardinal Financial Company (#58), 12.0 percent; Amerisave Mortgage Corp. (#167), 7.0 percent; TD Bank (#210) 12.2 percent; and OneWest Bank (#941), 5.3 percent.
  • More than half of PMI-covered loans (54.4 percent) originated in the retail channel and a third (36.1 percent) were spawned by correspondents. The business at Origin Bank looked similar to the overall numbers, 52.7 percent from retail, 31.5 percent from correspondents. Minnesota’s Merchant Bank went 50-50, or nearly so, between the two channels, while West Gate Bank relied heavily on correspondents (77.1 percent) and sparingly on retail (17.4 percent).
  • Loans over 98 percent loan-to-value made up less than 0.5 percent of 4Q16 PMI-covered sales. But at Lakeview Loan Servicing, loans between 98 and 105 LTV were 0.6 percent of the business and another 1.1 percent were above 105. Lakeview’s 96-97 LTV bucket (48.8 percent of its sales) was also disproportionately sized when compared to the overall market, where it accounted for 7.4 percent of sales.

The data in this report will help you learn who is using private mortgage insurance, how heavily they are relying on it for their GSE business, and what the characteristics are of the typical loan that they are insuring.

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