Business at the nation's private mortgage insurance firms continued to shrink in November, as the dollar volume of primary new insurance written declined by over 5% from the previous month's level and the number of new applications fell by over 12%, according to data from members of the Mortgage Insurance Cos. of America.In October, the group's members (all the players in the industry except Radian) wrote $17.6 billion of primary new insurance. That fell to $16.7 billion one month later. Traditional primary insurance written fell during the period from $13.6 billion to $13.3 billion. Meanwhile the number of applications fell from 142,087 to 124,731, the second-worst total of the year, and an indication that the results will not improve when December's numbers are reported. New pool risk written increased from $21.6 million in October to $39.5 million in November. There was a slight improvement in delinquencies, as the ratio increased from 73.9% in October to 84.2% in November. There were 36,237 cures and 43,050 defaults during November. MICA can be found online at http://www.micanews.com.
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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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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.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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