National MI’s New Business Slips, Book Expands

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While there was a year-over-year rise in quarterly business at National Mortgage Insurance, a quarter-over-quarter decline occurred. The book of business grew.

Income at parent NMI Holdings Inc. prior to income taxes rose to $7 million during the three months ended Dec. 31, 2016, from $6 million the previous quarter.

Those details, along with other operational and financial results, were revealed by the the Emeryville, California-based firm in its fourth-quarter 2016 earnings report.

Income swung from a $5 million loss in the final quarter of 2015.

New insurance written during the most-recent three-month period was $5.240 billion. Business subsided from $5.857 billion in the third quarter but was escalated versus $4.547 billion in the fourth-quarter 2015.

Refinance share in the most-recent three-month period was
28 percent, widening from 25 percent the previous quarter.

For all of 2016, new insurance written amounted to
$21.189 billion.

National M.I. ended last year with
$32.168 billion in insurance in force. The book of business grew from $28.228 billion three months earlier and $14.824 billion a year earlier.

The number of policies in force increased to 134,662 from 119,002 as of Sept. 30, 2016, and 63,948 as of Dec. 31, 2015.

The default rate was 0.1 percent, no different from the prior quarter or a year prior.

Author

Mortgage Daily Staff

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