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Business Grows as National MI Sees Record Earnings

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Mortgage Daily

                                                 August 3, 2018

Quarterly earnings set a new record, while new business was better at National Mortgage Insurance Corp. As the book of business expanded, delinquency declined.

Second-quarter earnings data from parent-NMI Holdings Inc. indicate that income before income taxes worked out to $32 million during the three months ended June 30.

Earnings soared from the same quarter in the preceding year, when they came in at $9 million, and beat the record $27 million that was earned in the first three months of this year.

New insurance written totaled $6.513 billion, inching up from $6.460 billion in the first quarter and $5.037 billion in the second-quarter 2017.

Full first-half 2018 business at the Emeryville, California-based entity amounted to $12.973 billion.

Second-quarter 2018 refinance share was 5.8 percent, down from 16.0 percent the prior period.

National M.I.’s first half ended with $58.089 billion primary insurance in force. The book of business continued to expand from $53.434 billion as of March 31 and $38.629 billion as of mid-year 2017.

Policies in force numbered 241,993, growing from 223,263 three months earlier and 161,195 one year earlier.

The default rate fell to 0.3 percent from 0.5 percent but was slightly worse than 0.2 percent as of June 30, 2017.

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