Financial research concept

Mortgage Insurance Purchase New Business Mix

Mortgage insurance purchase new business mix is the share of new insurance written on home-purchase mortgages rather than refinances.

By Lee BaileyPublished Sep 24, 2026
Research context

See what supports this page, how current it is, and where comparable or historical context is available.

Research date
Sep 24, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
Operating-model context
18 connected conceptsPart of the reviewed Mortgage Insurance Operating Economics; issuer definitions remain distinct where disclosed.
Company examples
1 reviewed companyRelationships reflect supported examples, not a normalized cross-company KPI ranking.
  1. Why it matters
  2. Investor caution
  3. Part of the Mortgage Insurance Operating Economics
  4. See It in Company Research
  5. Continue Research

mortgage insurance purchase new business mix is the share of new insurance written on home-purchase mortgages rather than refinances.

Why it matters

Purchase mix helps explain the source and durability of new insured volume across mortgage-rate cycles. MGIC reported that 90.9% of 2025 primary new insurance written came from purchase mortgages, while 9.1% came from refinances.

Investor caution

Purchase share is a loan-purpose mix measure, not a credit-quality score by itself. Purchase and refinance loans can carry different LTV, FICO, DTI, pricing, geography, and borrower-equity characteristics, all of which matter for expected profitability and claims.

Primary source: MGIC Investment Corporation 2025 Form 10-K.

Part of the Mortgage Insurance Operating Economics

Connect new insured business, portfolio runoff and persistency, insured exposure, premium yield, credit performance, and PMIERs capital capacity to understand private mortgage-insurance economics.

How the model fits together
  • New business quality and insured-book growth: New insurance written adds insured principal to the portfolio, while cancellations and principal payments reduce the existing book. FICO, LTV, DTI, and purchase mix describe important underwriting characteristics of new business, and the resulting flows determine insurance in force and risk in force without making principal balance equivalent to insured loss exposure.
  • Persistency and premium monetization: Annual persistency describes how much insurance remains from the prior year. In-force portfolio yield measures the underlying direct premium rate on the insured book, total direct premium yield incorporates direct premium adjustments, and net premium yield reflects the additional effect of ceded and assumed premium economics.
  • Credit performance and capital capacity: Insured-loan count is the denominator behind delinquency statistics, delinquent inventory and the delinquency rate show emerging credit stress, and claims received inventory is a later-stage credit measure. PMIERs available assets and excess available assets connect that risk profile to GSE-required capital capacity without equating regulatory eligibility assets with distributable cash.

See It in Company Research

These companies are examples of how the concept is reported or discussed in public filings. Definitions can differ by issuer; these links open company research rather than a normalized metric comparison.

Continue Research

Continue from the concept into the Grizzly Bulls research surface that best matches the next question. These links are research continuations, not recommendations or required steps.

Continue Research

Compare public companies

Compare valuation and company research across the reviewed Grizzly Bulls stock universe.

Continue research

Explore more topics in the Financial Research Encyclopedia.