GSE Private Mortgage Insurance Profile: 1Q14 PDF Format
In the quarterly report, GSE Private Mortgage Insurance Profile, Inside Mortgage Finance looks at the details of this business: 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.
In the report, you’ll find charts
Ranking the 1,464 lenders by volume of loans with private mortgage insurance,
Ranking the lenders by volume of loans originated in the broker or retail channels with private mortgage insurance, and
Ranking states where PMI-insured loans were originated.
You would learn from the 1Q14 report:
While nearly one in four loans sold to the GSEs in the first quarter (23.3 percent) carried private mortgage insurance, at seventh-ranked Franklin American Mortgage a full third (33.6 percent) did. At Lake Michigan Credit Union, ranked 59, nearly half (46.8 percent) did.
The retail and broker channels brought in two-thirds of the loans with private mortgage insurance coverage. But retail/broker loans with PMI were just 7.5 percent of the first-quarter sales from Provident Funding Associates (Colorado Fed).
Most of the PMI loans sold in the first quarter were for purchase of a home. At Citizens First Wholesale Mortgage, which originated all its sales from the retail channel and sold them all to Fannie Mae, just $326,000 in loans were for refinance.
California continues to be the largest market for PMI-covered loans ($3.3 billion) and the one with the least penetration (just 12.5 percent of loans carry PMI). New York, while a much smaller market at $901 million, also has extra room to grow: Only 16.3 percent of loans sold in the first quarter were covered by private mortgage insurance.
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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