April was the best month since June 2004 for the traditional category of primary new insurance written by private mortgage insurers, according to data from the Mortgage Insurance Companies of America.The group consists of every MI firm with the exception of Radian, which pulled out of the association in September 2003 and is no longer counted in the data. Primary insurance written totaled $20.7 billion, down 22% from $26.6 billion in March. However, the traditional category increased from $15.9 billion to $17.4 billion. Back in June 2004, MICA members wrote $17.8 billion of traditional insurance. A research report on the numbers from Friedman, Billings, Ramsey & Co., Arlington, Va., commented, "We continue to foresee a worsening credit environment weighing on earnings growth. However, given the heightened attention on the state of the housing market, we believe investors have the credit environment well baked into the stocks' current valuations. If fact, given current expectations, we believe the MIs are more likely to surprise on the upside." The report said the cure/default ratio fell from 92.3% in March to 79.6% in April, with 34,347 new cures and 43,161 new defaults.
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
2h ago -
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
3h ago -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
4h ago -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
6h ago -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
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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.
April 18