GSE Private Mortgage Insurance Profile: 1Q15 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 1,577 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.
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.
In the first quarter:
- On average, 22.9 percent of loans sold to the GSEs in the first quarter carried private mortgage insurance. Among the firms delivering a much higher share of MI-covered loans: Academy Mortgage Corp. (40.2 percent), Movement Mortgage (43.3 percent) and Veritas Funding (41.0 percent).
- Of the $106 million in PMI-covered mortgages that WJ Bradley Mortgage Capital Corp. sold to the GSEs in 1Q15, all were originated in the retail channel, just 1.6 percent had a loan-to-value ratio above 95, 63.6 percent were for home purchase, and 74.4 percent were sold to Fannie Mae. On average, 4.4 percent of PMI-covered loans had LTVs above 95, 53.6 percent were originated in the retail channel, and 62.6 percent were sold to Fannie.
- California takes the cake as both the biggest market ($5.2 billion in private MI-covered loans in 1Q15) and the one with the lowest percentage of loans covered by PMI (just 11.0 percent). But there was plenty of untapped potential in #2 Texas as well. Even though 28 percent of the mortgages sold to the GSEs had PMI, $8.5 billion in sold loans did not.