PMI

Private mortgage insurance now has almost matched the government's Federal Housing Administration program in market share, having gained approximately eight percentage points in the past five years, Keefe, Bruyette & Woods found.

The two newest private mortgage insurance companies had their best quarters ever for new insurance written, aided by the increase in consumers refinancing with less than 20% home equity.

An increase in credit risk transfer activity since 2015 signifies a sea change for private mortgage insurers that may be about to intensify, according to an industry trade group.

More private mortgage insurers reported significant year-over-year gains in new business during the third quarter, mainly driven by the increase in refinance volume.

The unexpected rise in refinancings during the third quarter affected mortgage industry business results in a mostly positive fashion for the period.

Genworth Financial agreed to sell its Canadian unit to Brookfield Business Partners for C$2.4 billion ($1.8 billion) as it works to win regulatory approval for its acquisition by China Oceanwide Holdings Group.

Genworth Financial's efforts to advance its sale to China Oceanwide hit a roadblock as bondholders did not respond to a consent solicitation for easing a possible Canadian mortgage insurance unit sale.

The Federal Housing Administration program insured three-quarters of the mortgages obtained by millennial homebuyers as most had trouble saving up for a 20% down payment, a LendEDU study found.

Essent Group continued to benefit from the volatility in private mortgage insurers' market share, remaining in second place among the six active underwriters at the end of the recent quarter.

Mr. Cooper Group reported a second-quarter net loss of $87 million as the company took a $231 million fair value hit to its mortgage servicing rights portfolio.