Reserving For Mortgage Insurance and Title Insurance in a Stressed Real Estate Market Joseph L. Petrelli, ACAS, MAAA, FCA President Demotech, Inc.

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Presentation transcript:

Reserving For Mortgage Insurance and Title Insurance in a Stressed Real Estate Market Joseph L. Petrelli, ACAS, MAAA, FCA President Demotech, Inc.

Average Commitment Rate On 30-Year Fixed-Rate Mortgages Source: freddiemac.com – through June 2008 YearRateYearRateYearRate *5.99

Source: freddiemac.com - through June 2008 Average Commitment Rate On 30-Year Fixed-Rate Mortgages

Refinance Percentage of Mortgage Applications Source: freddiemac.com - through May 2008 YearPercentYearPercent *50

Source: freddiemac.com - through May 2008 Refinance Percentage of Mortgage Applications

Median Sales Price of Existing Single- Family Homes Source: realestateabc.com & realtor.org - through May 2008 YearPriceYearPriceYearPrice 1968$20, $67, $115, $21, $70, $121, $23, $72, $128, $24, $75, $133, $26, $80, $139, $28, $85, $147, $32, $89, $156, $35, $89, $169, $38, $92, $195, $42, $97, $219, $48, $99, $221, $55, $103, $217, $62, $107, Q1$196, $66, $110, Q2*$208,600

Source: realestateabc.com & realtor.org - through May 2008 Median Sales Price of Existing Single- Family Homes

Delinquency and Foreclosure Rates Source: allcountries.org & mortgagebankers.org YearDelinquencyForeclosureYearDelinquencyForeclosureYearDelinquencyForeclosure N/A Q

Delinquency and Foreclosure Rates Source: allcountries.org & mortgagebankers.org

Title Insurance Direct Premiums Written Source: Demotech, Inc. Form 9 Database YearDirect Premiums Written 1993$5,318,073, $5,352,518, $4,285,437, $5,047,272, $5,529,108, $7,532,339, $8,109,007, $7,280,711, $9,120,633, $11,981,083, $15,695,909, $15,534,839, $16,835,154, $16,435,636, $14,061,278,822

Title Insurance Direct Premiums Written ($Billions) Source: Demotech, Inc. Form 9 Database

Source: The National Association of Insurance Commissioners. Information derived from a Highline Data product (Companies as of 7/16/08). Private Mortgage Insurance Direct Premiums Written YearDirect Premiums Written 2001$4,129,925, $4,528,933, $4,979,164, $5,030,963, $5,190,562, $5,413,845, $6,152,079,536

Private Mortgage Insurance Direct Premiums Written ($Billions) Source: The National Association of Insurance Commissioners. Information derived from a Highline Data product (Companies as of 7/16/08).