Despite seeing a slight decrease in new insurance written in the first quarter of 2024, private mortgage insurers remained flat from the volumes seen in the fourth quarter of 2023. However, between the fourth quarter of 2023 and the first quarter of 2024, NIW activity dropped by 15%. In terms of market share, Radian and National MI ceded market share to MGIC, with Radian gaining 1.5 percentage points to reach a market share of 19.5%.
Industry-wide NIW for the first quarter totaled $59.1 billion, which was slightly higher than the previous quarter but lower compared to the same period last year. Total mortgage production was also lower quarter-to-quarter, according to estimates from the Mortgage Bankers Association. Despite this decrease in production, private mortgage insurance remains a key component for loans sold with loan-to-value ratios over 80% to Fannie Mae and Freddie Mac, competing with government programs like the Federal Housing Administration.
The six active mortgage insurance underwriters experienced mixed performance in the first quarter of 2024. While some companies gained market share, others saw a slight decrease. Overall, private mortgage insurers faced challenges in the first quarter but continue to play a vital role in the housing market.
