The PMI Group, San Francisco, long the No. 2-ranked mortgage insurance company in the nation, is now No. 1.According to mortgage insurance company rankings compiled by National Mortgage News and the Quarterly Data Report, PMI wrote $12.68 billion in new policies during the first quarter, edging out MGIC Investment Corp., Milwaukee, which insured $12.49 billion. During the quarter, PMI wrote $3.29 billion in bulk insurance deals to MGIC's $1.64 billion. Some MI firms have been cutting back on bulk deals because the profit margins on these arrangements can be razor thin. As of MortgageWire's deadline late Monday, PMI and MGIC could not be reached for comment on the rankings. MGIC is still the nation's No. 1 MI in terms of policies-in-force, with $185 billion. PMI is ranked second, with $134 billion.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28