PMI

With the 10-year Treasury yield getting a boost due to Pfizer’s COVID-19 vaccine news this week, KBW predicts insurers and title underwriters will fare best as recovery continues.

For most of the underwriters it was a strong quarter, but concerns remain over government-sponsored enterprise reform and potential claims after forbearances end.

First American Financial, Old Republic, Stewart reveal how the third-quarter results point their way forward.

China Oceanwide said it was not able to meet with Hony Capital to finalize the terms and conditions because of the pandemic.

Neither side opted to invoke their Aug. 31 termination rights and the deal is set to close by the end of September.

Arch's second CRT transaction this year to obtain indemnity reinsurance for mortgage-insurance premiums comes at a time it is also experiencing rising 60-plus-day delinquencies on its outstanding securitized pools.

Most of the proceeds will be used to deal with debt maturities, with the rest held by the MI unit's parent.

“They are willing to play this to the end, one way or the other.”

CUNA Mutual Group previously provided this service through a joint venture with PMI Mortgage Insurance but exited the business in 2014.

Insurance claims and claims expenses were 503% above 1Q and 1,075% over 2Q19.

The delinquent loan inventory more than doubled compared with the prior year.

While low interest rates drove up new insurance written, the increased defaults stymied overall performance.

The domestic mortgage insurer could have a portion of its equity sold as an initial public offering if the China Oceanwide transaction were to be terminated.

A significant number of plans that expired at the end of June were not renewed, Black Knight said.

The mortgage insurer is receiving $528 million of coverage in the event of defaults in a $44 billion loan pool.

Mortgage insurers had been operating under the belief that rules pertaining to natural disaster delinquencies apply with COVID-19, but now it's in writing.

If the transaction does not go through, Genworth is looking at reviving a spin-out of its U.S. mortgage insurance business.

With the average borrower needing over two decades to save a 20% down payment for the median-priced home, private-mortgage-insured loans experienced major growth in 2019.

If delinquency rates rise, all four stand-alone firms would have a capital shortfall.

The company's pricing of its secondary stock option partially alleviated worries about the need to obtain new funds and the risk of dilution for existing shareholders.