In a sign of where the mortgage industry may be heading, the volume of primary new insurance written by members of the Mortgage Insurance Companies of America that came through the bulk channel in December topped the volume of the traditional channel for the first time ever.The bulk volume totaled $13.9 billion, compared with $12.8 billion in traditional volume. The bulk channel is where the private mortgage insurers get most of the riskier product, such as nonprime loans. The total volume, $26.7 billion, made December by far the best month of the year for private mortgage insurers. The other months in which over $20 billion in volume was recorded were June, at $23.1 billion; August, at $22.2 billion; and September, at $23.8 billion. It was also because of large growth in the bulk channel that for the year, MICA members did more volume than in 2004. Volume in 2004 totaled $219.0 billion, with $179.8 billion in traditional and $39.2 billion in bulk. Last year, volume totaled $225.0 billion, with $158.1 billion in traditional and $66.9 billion in bulk business. MICA can be found online at http://www.micanews.com.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
6h ago -
In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
7h ago -
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18 -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18