Private mortgage insurers wrote simply 2% extra new enterprise on a year-over-year foundation within the second quarter, however market share shifts widened the unfold between the six underwriters.
The industry-wide market share hole was 1.7 proportion factors for each the second quarter 2024 and first quarter of 2025, in response to information from Keefe, Bruyette & Woods.
But for the interval simply ended, the unfold was 5.1 proportion factors.
The six firms had a three-way break up in year-over-year NIW quantity: MGIC and Radian had been increased; National MI and Essent had been principally flat; and Enact and Arch did much less enterprise.
Total new insurance coverage written was $81.8 billion, up from $57.9 billion within the first quarter (a achieve of 40% from what is usually the weakest interval of the yr) and $79.8 billion within the second quarter of 2024.
The poor spring homebuying season probably performed a component within the flat year-over-year numbers. The title insurers additionally famous the market weak point affecting them through the interval.
However, in contrast to title, which is required on just about each transaction, MI is used when debtors put down lower than 20% on a conforming mortgage. Besides the federal government assured applications that compete with PMI, many nonconforming merchandise don’t require MI in a low down fee scenario.
Going ahead, the {industry} ought to profit from the tax deduction for premiums being restored and made everlasting in President Trump’s tax invoice.
After the quarter ended, KBW diminished its inventory rankings on three of the businesses, however remained bullish on the sector.
Last yr, over 800,000 residence purchasers used this product, in response to lately launched figures from the U.S. Mortgage Insurers.
The following is the results from the six lively underwriters; non-public MI is the first enterprise for all however Arch.
