PRIVATE MI RISK DESK

Above 80

Public prints through September 2026. Check the primary PDF before a committee pack.

SUMMARY

The book is flat. The new loan is not.

Six writers hold $1.61 trillion. Gross coverage on that book is about $429 billion, before any cede. New insurance above 90 loan-to-value runs from 49% to 67% of a quarter. Primary delinquency is 2.27%. Foreclosure inventory is still rising. Reinsurance sits on that coverage for every writer. It does not insure a second borrower. The wire is what moved. The pages after it are this sentence taken apart.

1Q26 NIW

$78.8B

77% purchase

Above-90 flow

49–67%

2Q NIW, Arch to Essent

Primary DQ

2.27%

Industry, count-weighted

New notices

1.19%

Down from 1.24% in 4Q

Foreclosure book

296k

ICE, July, active

Gross RIF

$429B

Six writers, before cede

Jun 1, 2026 · Milliman Quarterly PMI Market Update, 1Q 2026

Primary NIW printed $78.8 billion in the first quarter

Purchase was 77% of the flow. Six writers, and none of them ran away with the quarter.

Milliman put first-quarter new insurance written at $78.8 billion: $60.9 billion purchase and $17.9 billion refinance. Arch wrote $14.8 billion (18.8% share), then MGIC $14.4 billion, Radian $13.5 billion, Enact $12.8 billion, NMI $12.3 billion, and Essent $11.1 billion.

Arch’s $14.8 billion includes a $2.2 billion non-GSE bulk transaction, about 15% of that company’s quarter. The other five prints are flow. Bulk and flow should not share a row in a credit cube.

The six-carrier set is unchanged: Arch, Enact, Essent, MGIC, National MI, and Radian. That is the whole primary market.

Rank the six on the same definition. Bulk and flow do not share an LTV, a score, or a premium plan.

1Q26 NIW share

Milliman, six primary carriers.

Primary delinquency

Count-weighted. Industry average was 2.27% in 1Q26. Other carriers are in the Milliman PDF and not redrawn here.

The industry is a tie

Six approved writers, Herfindahl about 1,690, insurance in force flat at $1.61 trillion. The quarter does not have a winner. The useful question is posture: who is harvesting, who is compounding, and whose capital is already leaving mortgage insurance.

On the wire