Fewer mortgages were originated with PMI in 2017

Private mortgage insurance was used on approximately 4% fewer loans in 2017 when compared with 2016, according to the U.S. Mortgage Insurers. There were nearly 1.01 million mortgages originated last year, both purchase and refinance, where the borrower obtained a private mortgage insurance policy, a study from the trade group said. In 2016, 1.05 million mortgages needed PMI, according to a 2017 Urban Institute report previously cited by the USMI.

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Source: National Mortgage News