The Mortech Blog

855.298.9327

A Snapshot of PMI Over the Last Four Years

Posted by Jeff Schneider on Oct 5, 2011 12:18:00 PM

The recession that sparked in early 2008 is still having effects in today's economy; but the once distraught housing market is making a slow but sure rebound - and here's a little evidence.

 

PMI Chart over the last 4 years

 

Present Day

  • The number of August defaults was 48,187; and for the last seven months PMI defaults have been under 50,000. This number is comparable to the number of defaults in August 2006 (before the housing crisis), which was 44,918. This recent activity may indicate that the housing market is rebounding.
The Peak of the Housing Crisis
  • PMI defaults rose above 100,000 for two months (December 2008 and January 2009). Typically the number of PMI defaults falls around the low 40,000’s.
  • The number of applications received for PMI in December 2008 was 61,597. This number is double the number of applications received in August 2011 (30,702). This statistic is supported by the idea that it is presently harder for potential borrowers to qualify for a loan – especially when the LTV is above 80%


Obviously the entire housing market can’t be summed up into a five digit number; but, nevertheless, the number of defaulted loans doesn’t lie. Green pastures are on the horizon.


Luckily for loan officers that have weathered this storm, MarksmanLMP automatically determines PMI guideline eligibility for every loan scenario and supports all major PMI companies, such as  MGIC, MGIC Credit Union, Genworth, Genworth Credit Union, United Guaranty, Essent, CMG Credit Union, Radian Credit Union and Radian Platinum.

 

*source: PrivateMI.com

 

Topics: Private Mortgage Insurance, PMI

Leave a Comment

News & Events

 Get the latest Mortech and mortgage industry happenings here. Industry buzz, product announcements, Mortech news, training tips and more!

Subscribe to Email Updates