Private Mortgage Insurer (PMI) market trends and highlights, 4Q 2022
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As mortgage originations continue to slow due to high interest rates and strained affordability, the 4Q 2022 NIW market was the smallest since 1Q 2019. While credit performance remains strong by historical standards, the new notice rate and delinquency rate increased off 3Q 2022 lows—the first increases since the onset of the COVID-19 pandemic. Relative market share among insurers shifted more sharply as compared to past quarter-over-quarter changes. Given the increased macroeconomic uncertainty, many insurers mentioned pricing increases.
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 4Q 2022.
The full 4Q 2022 report provides 20+ pages of figures and commentary covering:
- Summary of NIW
- Annual insurer-level composition
- Summary of IIF
- Volume/persistency
- Performance
- Summary of capital markets ILN issuances
- Appendix: Additional excerpts from earnings calls
- Recession risk and pricing
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.