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Can 1Q's positive MI results carry into rest 2025?
A similar share of consumers used private mortgage insurance as credit enhancement in the first quarter compared with the prior year, but only one underwriter exceeded $10 billion in new insurance written.This narrowed the market share spread among the six active underwriters, according to data compiled by Keefe, Bruyette & Woods.As a group, NIW totaled $57.9 billion, down from the fourth quarter's $78.3 billion and relatively flat with $58.2 billion produced in the first quarter of 2024.During the first quarter, lenders originated $384 billion, slightly more than $377 billion done one-year prior, according to the Mortgage Bankers Association. By units, 1.068 million were produced in the period ended March 31, compared with 1.076 million for the same three months in 2024. "MI management teams across the industry continue to stress that pricing remains balanced and constructive, and that recent increase in macro uncertainty has not significantly shifted pricing dynamics to date," Bose George, an analyst at KBW, wrote in the earnings wrap report for NMI Holdings.The following is a roundup of the first quarter results at the six active underwriters, as well as some recent industry news.
Blend announces plans to offload Title365
As it adopts a new software-first approach, mortgage technology firm Blend Labs announced it is selling its title insurance unit. After acquiring the Title365 business from Mr. Cooper in a $500 million deal during the mortgage boom of 2021, a new strategic pivot led Blend leaders to the decision to part with its "capital-intensive" title-agency operation, according to company leaders. "We began our journey to become a software focused company, enhancing customer value and improving our unit economics by transitioning to strategic platform partnerships rather than building noncore services ourselves," said Blend CEO Nima Ghamsari in the company's first-quarter earnings call. "As a significant step in this evolution, we are pleased to announce that we are in an exclusive process with a leading title and mortgage services provider for the potential sale of our title insurance business," he continued. The company faced a significant housing market slowdown in the ensuing four years limiting gains from the title acquisition, and a new competitive environment has the San Francisco-based fintech focused on partnerships, which would better provide benefits as the mortgage outlook improves. How Rocket's acquisitions impact BlendThe news comes in the wake of the recent merger announcement between Rocket Cos. and Mr. Cooper, a deal that stands to negatively impact Blend's bottom line as they consolidate, analysts predicted. Since the deal was announced in March, Blend introduced a new technology partnership with Crosscountry Mortgage and launched a unit dedicated exclusively to working with nonbanks. The pivot toward partnerships gives it the chance to focus on its software offerings, which provide the fintech with better opportunities for growth than the ownership of an outlier business."Being the best in the world of the two or three things you do really well is materially better than being just really good at those things," Ghamsari said. While the merger has already set off disruption in the mortgage market among lenders, servicers and tech providers, Amir Jafari, Blend's head of finance and administration, said it had the potential to be a "catalytic moment" transforming the way the industry works.Ghamsari likened it to how Rocket led the push into digital and mobile lending, "things that we all take for granted," he noted."The recently announced Mr. Cooper and Rocket alliance has a similar tone to it for the market, and it impacts our own trajectory as well as a result," Blend's CEO said. "Their creation of an end-to-end platform underscores the increasing expectation of borrowers to be treated as valued customers, demanding personalized experiences, acknowledging their ongoing relationship with financial institutions."Blend remarked that Mr. Cooper still continues to be a customer, with its contract not expiring until 2028. Mr. Cooper also retained a small stake in Title365 after the 2021 acquisition. Blend by the numbersThe company finished in the red in the first quarter, with net loss attributable to shareholders or $14.7 million compared to $6.5 million in the prior three months. The first-quarter number improved from a $22.1 million loss one year ago. Numbers were adjusted according to Generally Accepted Accounting Principles.Title365, which is now classified as "discontinued operations" in the company's financial statements, dragged numbers downward in the first quarter with a $2.8 net loss for the unit.Ghamsari touted new customer additions, some of which signed off in the weeks following the Rocket announcement. "We signed a top five mortgage servicer, a top 10 mortgage originator across our mortgage, home equity and closed solutions. These customers will typically deploy in two quarters or so," he said.Total revenue from still-existing mortgage and consumer banking platforms and services totaled $26.8 million, down from $30.1 million three months earlier, but inching upward from $23.8 million in the first quarter of 2024.
McKernan tapped for Treasury post, CFPB future unclear
Former Federal Deposit Insurance Corp. Board Member Jonathan McKernan, who has been tapped to lead the Consumer Financial Protection Bureau, will be nominated as Treasury undersecretary for domestic finance. Bloomberg News WASHINGTON — Jonathan McKernan, who is awaiting final confirmation as head of the Consumer Financial Protection Bureau, will also be nominated in a key Treasury bank regulation post, the Treasury Department said. McKernan has already been serving as an advisor to the Treasury Department, the agency said, and would be nominated by the president as Treasury's undersecretary for domestic finance. "During that time, McKernan has become an integral part of the Secretary's senior team. His continued service at Treasury will ensure that his experience and expertise are best put to advancing the President's America First agenda," the Treasury Department said. The Treasury did not immediately respond to a request for comment about whether McKernan still plans to lead the CFPB, which is undergoing a dramatic change under the Trump administration. Treasury said in a statement simply that McKernan has been advising the department "while awaiting Senate confirmation to lead the Bureau of Consumer Financial Protection."President Donald Trump plans to nominate McKernan as Treasury's undersecretary of domestic finance, a position previously held by Nellie Liang during the Biden administration. McKernan's nomination to lead the CFPB has been especially closely watched as the Trump administration attempts to dismantle the bureau. His nomination was initially met with relief from the banking industry, which has had an antagonistic relationship with the bureau since its inception at the end of the 2008 financial crisis, but which nonetheless wanted to see an intact agency so that it could roll back regulation that remains in place and could be enforced again under a new administration. His nomination for the CFPB advanced out of the Senate Banking Committee in a 13-11 party line vote. The future of the CFPB, currently being led by Project 2025 architect and Office of Management and Budget head Russell Vought, is unclear even under McKernan. McKernan promised repeatedly during his confirmation hearing that he would "fully execute the law" but consistently declined to say whether he would stand in the way of President Donald Trump and billionaire White House advisor Elon Musk's attempts to dismantle the agency entirely. "If confirmed, I will fully execute the law … and perform each of its other statutorily assigned functions," McKernan said in his opening statement. "The CFPB will do this by centering its regulation on real risk to consumers and by focusing its enforcement on bad actors."The CFPB and the Trump administration's planned reduction-in-force, which would decimate the bureau's staffing, has been the subject of a contentious lawsuit, and is currently on pause due to an injunction issued by a federal judge.As Treasury undersecretary, McKernan would have a more senior position to Luke Pettit, currently a staffer for Sen. Bill Hagerty, R-Tenn., who is awaiting confirmation as assistant secretary of the Treasury for financial institutions. All confirmations are currently battling for floor time. Earlier this week, Sen. Tim Scott, R-S.C., the chairman of the Senate Banking Committee, tried to pass Pettit's nomination on the Senate floor via unanimous consent, which would have bypassed the need for floor time or a broader vote. Sen. Elizabeth Warren, D-Mass., objected to passing the nomination with unanimous consent, delaying the final vote which would require only a simple majority to pass. "My litmus test for any executive branch nominee is, will they enforce the law and uphold our Constitution, or will they simply bend the knee to the orders of President Trump," Warren said on Wednesday. "I'm worried that Mr. Pettit will simply go along with the Trump administration's deregulatory agenda instead of fighting to protect consumers and to ensure financial stability." McKernan previously served on the board of directors of the Federal Deposit Insurance Corp. and has had senior roles at the Federal Housing Finance Agency, the Treasury Department and the U.S. Senate.
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