New quarterly business improved at Genworth Mortgage Insurance Corp., while the company also managed to bring down its delinquency.
The mortgage insurer wrote $8.2 billion in new insurance during the three months that ended on June 30.
The details, as well as other financial data, were spelled out in a Securities and Exchange filing by parent Genworth Financial Inc.
Business increased from $6.3 billion in the first quarter of this year.
In the same quarter last year, $6.1 billion in new insurance was written.
“New insurance written increased primarily driven by an increase in the mortgage insurance originations market,” the report said. “The current year included a higher concentration of single premium lender paid business reflecting our selective participation in the market. Mortgage refinance originations also increased as a result of lower interest rates during the current year.”
For the entire first half of 2015, new business worked out to $14.5 billion.
Primary insurance in force finished
June 2015 at $117.1 billion, climbing from $110.5 billion one year prior.
The number of primary
insured loans in force expanded to 636,640 loans in the latest period from 620,415 at the same point last year.
The primary delinquency rate has fallen to 5.21 percent as of June 30, 2015, from 6.87 percent as of the same date last year.
Income from continuing operations before taxes was $76 million for the U.S. mortgage insurance segment, rising from $81 million in the first quarter and $58 million in the second-quarter 2014.
Earnings
at the parent company were $245 million, dropping from $294 million in the first quarter and $308 million in the second-quarter 2014.
