New business was up by half on a quarter-over-quarter basis at National Mortgage Insurance Corp., while the year-over-year improvement was even more spectacular.
In the second quarter of this year, the mortgage insurer wrote $2.549 billion in new insurance.
The performance metrics, as well as other financial data, were disclosed by parent
NMI Holdings Inc. in its quarterly earnings report.
Business jumped from the first three months of this year, when $1.696 billion in new insurance was written.
In the second quarter of last year, just $0.430 billion in new insurance was written.
National MI Chairman and Chief Executive Officer
Bradley Shuster provided some insight into the improved level of activity.
“This is primarily attributable to strength in our flow business, which grew 69 percent over the prior quarter, driven by significant gains with customers who delivered NIW in 2014, contributions from new customers added in 2015, and a stronger than expected origination market,” Shuster said in the report. “We believe our rapid growth reflects customers’ favorable response to our differentiated value proposition as well as solid execution by our team.”
National MI said insurance in force ended the second-quarter 2015 at $7.190 billion.
The book of business
grew substantially from $4.835 billion three months earlier and $0.940 billion twelve months earlier.
Just nine of National MI’s insured loans were in default as of the most-recent date, three more than at the end of the first quarter and and eight more than at the same point last year.
Prior to income taxes, the
Emeryville, California-based company had a $10 million loss, worsening from the prior-quarter $8 million loss. But losses subsided from $14 million in the second-quarter 2014.
