Quarterly new business jumped by more than half at Genworth Mortgage Insurance Corp., while loan delinquency declined and earnings increased.
From April 1 through June 30, the Raleigh, N.C.-based company wrote $6.1 billion in new insurance, according to earnings data reported by parent Genworth Financial Inc.
Business soared from the first quarter, when $3.9 billion in mortgage insurance was written.
Activity at the mortgage insurance company was modestly down, however, from the second quarter of last year, when volume was $6.3 billion.
First-half 2014 volume totaled $10.0 billion.
Genworth said its market share rose to 14 percent from 13 percent in the first quarter.
The mortgage insurer said that the Home Affordable Refinance Program accounted for $19.2 billion of its insurance since the program was launched, including $0.4 billion in the second-quarter 2014.
Primary insurance in force as of June 30 increased to $110.5 billion from $109.1 billion three months earlier. A year earlier, there was $108.8 billion in force.
Flow insurance in force increased by $3.0 billion, while bulk insurance in force declined $1.3 billion.
Delinquency on primary insured loans in force fell to 6.87 percent from 7.42 percent as of March 31. Midway through 2013, the rate was 9.18 percent.
Income from continuing operations before income taxes at the U.S. mortgage insurance unit was $58 million during the latest period, little changed from the first quarter’s $57 million. But earnings significantly improved from $17 million in the second-quarter 2013.
At the parent-company level, second-quarter 2014 income from continuing operations before income taxes was $313 million, slightly more than $306 million in the previous quarter and much better than the $247 million earned in the year-earlier period.
