Even though quarterly new business took a tumble at National MI — earnings held up and the book of business continued to grow.
From the period that started at the beginning of this year and ended on March 31, income before income taxes worked out to $7 million.
Those details and other operational and financial metrics were provided in parent-NMI Corp.’s earnings report for the first-quarter 2017.
Earnings at the Emeryville, California-based business were about the same as in the prior three-month period. The mortgage insurer’s most-recent income swung from $4 million loss a year prior.
National MI wrote $3.559 billion in primary new insurance during the first-three months of this year. Business declined from $5.240 billion in the fourth-quarter 2016 and was also down from $4.254 billion in the first-quarter 2016.
Primary insurance in force concluded the first-quarter 2017 at $34.779 billion. The book of business expanded from $32.168 billion three months earlier and $18.564 billion one year earlier.
The default rate as of March 31, 2017, was 0.1 percent, where it has been since at least the end of 2015.
