Essent Guaranty, a new start-up mortgage insurance company, has yet to write its first MI policy but it should be any week now, we're told. Essent is the brainchild of Mark Casale, who resigned as president of Radian Guaranty in October 2007. The new company is based in Radner, Pa. In other MI news, The PMI Group reported another huge quarterly loss ($228 million), this time for the period ending December 31. Its stock continues to trade for just over $2 a share...
The lender posted another deep eight-figure loss in the second quarter, and will miss a breakeven goal later this year, interim CEO Daniel Lewis said.
Its success in a tough quarter was not just financial as it gained market share in both purchase and refinance volume to regain the No. 1 originator slot.
After shedding nearly 30% of its workforce in 2022, Envoy has leaned into a referral- and affiliate-based business model through strategic investments.
Rate movements changed market dynamics from early-year forecasts, contributing to risk signals in one out of every 119 applications, according to Cotality.
The company's affiliate has been issuing non QM deals that include a small percentage of second liens, some of which also involve alternative documentation.
The latest consumer conditions study from the American Financial Services Association paints a less-than-rosy picture of how lenders expect the second half of the year to play out.
