Private Mortgage Insurer (PMI) market trends and highlights, 3Q 2023
2023 trends continue – low NIW volume, strong credit performance, ILN issuances at attractive pricing levels
A comprehensive platform to evaluate mortgage investment opportunities, trends in the market, and portfolio aggregation.
The latest monthly estimate of the lifetime default risk of U.S.-backed mortgages
This site provides historical market dollar price data and discount margin for CRT indices with market data that is updated daily.
Consistent with trends identified in 2Q 2023, new insurance written (NIW) continues to lag 2020-2022 levels. In-force policy credit performance continues to be strong. Capital market insurance-linked note (ILN) issuance continues at attractive pricing levels.
Since 2018, Milliman has been tracking the Private Mortgage Insurer (PMI) New Insurance Written (NIW) landscape and Insurance In Force (IIF) performance to keep our finger on the pulse of the market. The linked publication provides information and context regarding trends and differences amongst the PMIs’ businesses for 3Q 2023.
The full 3Q 2023 report provides 20+ pages of figures and commentary covering:
- Summary of NIW
- Summary of IIF
- Volume/persistency
- Performance
- Summary of capital markets ILN issuances and early termination activity
- New issuances
- Early termination of ILN bonds due to a change in the capital credit from S&P
- Appendix: Additional excerpts from earnings calls
- Mortgage rate buydowns and competition
The data used to compile this report includes publicly available PMIs’ disclosures (Earnings Releases, Financial Supplements, and 10-K/Qs) as well as additional aggregated industry data extracted from Milliman’s M-PIRe platform.