(RECAP: Private mortgage insurance activity rose sharply in the second quarter, grabbing the lead in market share from the FHA for the first time since the first quarter of 2015, according to a client note from Compass Point Research & Trading. According to the note, the PMI share of the mortgage insurance market rose to 37% in the second quarter, while the FHA share of the MI market fell from 40% to 34%. This is the first time private mortgage insurance outpaced insurance written by the FHA since the first three months of 2015, during which the FHA cut its annual mortgage insurance premiums by 50 basis points, from 1.35% to 0.85%, per the direction of the Obama administration. Analysts noted that the decline in FHA insurance is “notable,” because it’s the opposite of what was expected. The decline in FHA issuance could lend more political will to cutting rates again.)
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