Genworth Mortgage Insurance Corp. managed an increase in new business both on a quarter-over quarter and year-over year basis.
From July 1 through Sept. 30 of this year, new insurance written at the Raleigh, North Carolina-based company came to $9.3 billion.
Details about the mortgage insurer’s operations were provided as part of parent Genworth Financial Inc.’s third-quarter earnings report.
Thanks to increased purchase originations, new business was better than in the second quarter — when $8.2 billion in insurance was written.
Activity also ascended from the third-quarter 2014, when $7.5 billion in new insurance was written. Strengthening in both purchase financing and refinancing contributed to the year-over-year growth.
For the first-nine months of 2015, new insurance written amounted to $23.8 billion.
“Future volumes of this product will vary in part depending on the company’s evaluation of the risk return profile of these transactions,” Genworth Financial stated.
Refinance share fell to 13 percent from 21 percent in the second quarter.
Primary insurance in force was $120.4 billion as of Sept. 30, 2015, expanding from $117.1 billion three months earlier and $112.4 billion one year earlier.
Based on the number of loans, primary loans in force increased to 647,126 from 636,640 as of June 30 and 624,850 as of Sept. 30, 2014.
The primary delinquency rate was 5.10 percent as of the end of September 2015, 11 basis points less than at the end of June and 149 BPS lower than at the same point last year.
Net income from continuing operations before income taxes at the company’s U.S. mortgage insurance business
fell to $57 million from $76 million in the second quarter and swung from a $12 million loss in the third-quarter 2014.
“As of Sept. 30, 2015, the U.S. mortgage insurance business would be compliant with the private mortgage insurer eligibility requirements capital requirements,”
the report stated.
Company-wide, Genworth Financial swung to a $351 million third-quarter loss from a $245 million profit three months earlier. But losses were cut from $980 million a year earlier.
