National Mortgage Insurance Corp., which began insuring home loans last year, reported that its quarter-over-quarter business more than doubled.
The Emeryville, Calif.-based company wrote $0.354 billion in new insurance during the period from Jan. 1 through March 31.
Operational and financial performance data were detailed in the first-quarter earnings report from parent NMI Holdings Inc.
New business soared from the fourth quarter of last year, when National MI wrote $0.158 billion in insurance.
No insurance was written in the first-quarter 2013 at the mortgage insurer, which issued its first M.I. commitment in April 2013.
“National MI is the first and only mortgage insurer to underwrite every loan, which has resonated very well in the mortgage industry based on our customer feedback,” NMI President and Chief Executive Officer Bradley Shuster proclaimed in the report. “In fact, we believe National MI’s innovative approach to mortgage insurance and our unique business model have fundamentally changed the way the industry and our customers view the risk and underwriting process.”
Insurance in force finished March at $0.515 billion, climbing from $0.162 billion three months earlier.
To put its book of business in perspective, Radian Guaranty Inc. reported $162.368 billion of policies in force as of March 31, while MGIC Guaranty Insurance Corp. reported that its insurance in force finished the first quarter at $157.9 billion.
None of National MI’s 2,072 policies in force as of March 31 were in default.
A net loss of $15 million was reported for the three months ended March 31, worsening from a $12 million loss in the first-quarter of last year.
