PMI Beats Out MGIC in New MI Rankings

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.