Genworth Mortgage Insurance Corp.’s new business slowed in the final three months of last year, though it was still better than one year prior.
U.S. mortgage insurance written totaled $6.9 billion during the three months ended Dec. 31, according to third-quarter financial data reported by parent
Genworth Financial Inc.
Business
declined from the third quarter, when $7.5 billion in primary insurance was written. The drop was attributed to seasonal variations in the purchase market.
But activity improved from the same period last year, when the total was $4.9 billion. Genworth noted that the purchase financing market has strengthened since the fourth-quarter 2014.
During all 12 months of last year, Genworth wrote
$24.4 billion in primary insurance, an improvement from the $22.3 billion in new business during 2013.
Market share was 15 percent as of the fourth-quarter 2014, according to the report.
Refinances accounted for 23 percent of total quarterly activity, widening from 15 percent in the third quarter.
Business generated through the Home Affordable Refinance Program, which counts as modification activity, was 0.3 billion in
the latest period.
Primary insurance in force expanded to $114.4 billion from $112.4 billion three months earlier and $109.3 billion a year earlier.
Genworth said it has $18.9 billion insurance in force under HARP .
Delinquency on primary loans in force was cut to 6.31 percent from 6.59 percent and has plunged form 8.24 percent at the end of 2013.
Income from the U.S. mortgage insurance business’ continuing operations prior to taxes was $32 million, swinging from a $12 million third-quarter loss and climbing from $11 million in the fourth-quarter 2013.
Losses at the holding company level narrowed to $923 million from
$972 million in the previous report and swung from a $315 million profit in the final period of 2013.
