Quarterly earnings and insurance in force was up significantly at National Mortgage Insurance Corp. A more modest gain was made with new insurance written.
Before income taxes, National M.I. earned $6 million during the period that opened on July 1, 2016, and closed on Sept. 30, surging from $2 million the prior quarter.
Those details and more were revealed Tuesday in the third-quarter earnings report from the Emeryville, California-based company’s parent, NMI Holdings Inc.
Income swung from a $5 million third-quarter 2015 loss.
National M.I. wrote
$5.857 billion in new insurance during the latest three-month period. Business crept up from the second quarter, when $5.838 billion was written, and was far better than the third-quarter 2015, when the amount written was $3.633 billion.
During the nine months ended Sept. 30, 2016,
new insurance written amounted to $15.949 billion.
Insurance in force
totaled $28.228 billion as of the end of the third-quarter 2016. The balance was up from $23.624 billion three months earlier and $10.601 billion one year earlier.
The policies-in-force count climbed to 119,002 from 100,547 as of mid-2016 and 46,175 as of Sept. 30, 2015.
The 0.1 percent default rate was unchanged from the second quarter. No default rate was reported for the third-quarter 2015.
