Private mortgage insurance volume is a function of the size of the overall mortgage origination market, the share of originations requiring mortgage insurance and the share of insured mortgages using private credit enhancement. As such, we form our outlook for private mortgage new insurance written (NIW) by overlaying our proprietary purchase and refinance mortgage origination forecasts with our expectations for low downpayment mortgage demand and share shifts between government and private coverage. Our unique waterfall analysis underpins our outlook for the public mortgage insurers and is also critical to understanding credit availability for the entry-level price point.
