Investing in mortgage-insurance stocks starts with underwriting and capital analysis, not a stock tip. Identify the insurer and its business mix, read its latest annual and quarterly filings, compare new insurance written, insurance in force, risk in force, persistency, delinquencies, losses and capital cushions on the same basis, then test how a housing downturn or regulatory change could affect results. Public filings can support that process, but they do not by themselves establish a fair value or show that a security is suitable for you.
What mortgage-insurance companies do
Private mortgage insurers cover qualifying mortgage-credit exposures for lenders and mortgage investors. When a covered borrower defaults and the loan produces a loss, the insurer pays an eligible claim under the policy. The coverage can make higher-loan-to-value lending acceptable to lenders and the government-sponsored enterprises (GSEs) that purchase or guarantee many U.S. mortgages.
An insurer collects premiums over the life of policies, invests the resulting float, pays operating costs and claims, and holds capital against adverse outcomes. Earnings therefore depend on several linked variables:
As an Amazon Associate I earn from qualifying purchases.
- the number and quality of new loans insured;
- premium rates and how long policies remain active;
- delinquencies, cures, claims and ultimate losses;
- investment income and portfolio losses;
- reinsurance recoveries and counterparty performance; and
- capital required to remain eligible for GSE business.
Home prices and employment matter because borrowers with little equity have less protection against a price decline, while unemployment can make payments unaffordable. Mortgage origination volume, private-insurance penetration and competition from government-backed programs determine how much new business is available.
Which public companies can you study?
MGIC Investment Corporation (NYSE: MTG) and Radian Group Inc. (NYSE: RDN) are two public examples. They are starting points for research, not a complete industry list or recommendations. MGIC’s 2025 Form 10-K described six active U.S. private mortgage insurers and affiliates. Radian’s consolidated reporting includes businesses beyond mortgage insurance, so its total-company results require segment and pro-forma context.
#1 Best Overall
- [Ultra-Lightweight Ear Buds Designed for Small Ears] Each earbud weighs only 3.7g and features a compact, ergonomic in-ear design made especially for small ears. Secure, low-profile, and comfortable for workouts, all-day wear or overnight sleeping.The ultra-slim profile sits flush in your ear with no hard edges poking or rubbing, so you can even sleep on your side without discomfort.
- [Immersive Stereo Sound with TOZO OrigX Technology] TOZO OrigX tuning delivers clear vocals, balanced mids, and natural stereo sound for music, podcasts, and videos.
- [Long Battery Life for Daily Use] Get up to 7 hours of playtime on a single charge, with up to 32 hours total using the charging case—ideal for workdays, commuting, and extended listening sessions.
- [Bluetooth 5.3 & Stable Connection] Bluetooth 5.3 provides fast pairing, stable wireless performance, and reduced dropouts as you move around home or office.
- [Deep Bass with Clear Vocals] High-performance drivers produce punchy bass while keeping vocals clean and detailed for everyday listening.
| Research axis | MGIC Investment Corporation | Radian Group Inc. | Why the distinction matters |
|---|---|---|---|
| Core exposure | Primarily U.S. private mortgage insurance | Mortgage insurance plus other specialty-insurance activities | Consolidated margins and growth are not directly comparable without removing or separately assessing non-mortgage segments. |
| Industry context | 2025 filing identified six active U.S. private mortgage insurers and affiliates | Reported broader group structure | Market-share comparisons need a consistent denominator and period. |
| Strategic changes | Use the latest filing for any acquisitions, disposals or capital actions | 2025 Form 10-K said the Inigo acquisition closed February 2, 2026 and described a planned divestiture of Mortgage Conduit, Title and Real Estate Services businesses | Subsequent filings may change segment composition, so do not compare old and new periods as though the businesses were unchanged. |
Before comparing either ticker with another insurer, confirm the legal issuer, the insurance subsidiaries that write policies, the reporting segments and the period covered. A holding company may have debt, dividends and expenses that do not sit inside the regulated insurance subsidiary.
The operating metrics that matter
Read each measure with its definition, net or gross basis, and the risk characteristics of the underlying loans. One ratio in isolation can give a misleading picture.
| Metric | What it measures | How to interpret it | Questions to ask in the filing |
|---|---|---|---|
| New insurance written (NIW) | New mortgage exposure insured during a reporting period | Shows current production and future premium opportunity | How did mortgage originations, private-insurance penetration, pricing, loan-to-value and credit mix affect NIW? |
| Insurance in force (IIF) | The amount of insured mortgage exposure outstanding | Indicates the portfolio that can generate premiums and future claims | Is the figure gross or net of cancellations, rescissions and reinsurance? What is the policy age and risk mix? |
| Risk in force (RIF) | The insurer’s covered risk amount rather than the full loan balance | More closely connects exposure to potential claims than IIF, but definitions vary | Does the company present borrower risk, insurance coverage percentages and reinsurance consistently? |
| Persistency | The percentage of policies remaining active over time | Higher persistency can retain premiums; refinancing and interest rates can change cancellations | Are changes driven by refinance activity, home sales, policy age or pricing? |
| Premium yield | Earned premiums relative to the relevant insured exposure | Helps assess pricing and mix, but should be paired with risk and duration | Are premiums single, annual or other forms? What are the effects of cancellations and delinquency status? |
| Delinquencies and claims | Loans behind on payments and claims reported or paid | Early indicators of credit deterioration, not a complete estimate of lifetime losses | How many loans cure, receive modification, go to claim or are held in inventory? |
| Incurred losses | Accounting estimate of losses attributable to the period | Can move sharply with housing, employment, case reserves and claim settlements | What assumptions, reserve development and claim-payment patterns explain the change? |
NIW and market share
MGIC’s 2025 Form 10-K reported 19.4% NIW-based market share in 2025, compared with 18.6% in 2024, citing Inside Mortgage Finance for the market-share data. Treat those percentages as the cited source’s annual market-share measure, not as a live share or an estimate of profitability. A company can gain volume while accepting lower prices or riskier loans, so production must be checked against premium yield, credit quality and capital usage.
IIF, RIF and the life of a book
IIF can expand premiums while also increasing future claim exposure and capital requirements. RIF can be lower than IIF because only a portion of each mortgage is insured. Growth is favorable only if pricing, persistency, underwriting and capital support the added risk. Always use the issuer’s own definitions; two companies can label similar exposures differently.
Rank #2
- 【IP68 Waterproof Multifunctinal Smart Watch】Torjalph fitness activity tracker smart watch is IP68 waterproof technology ,you can wear it when swimming,handwashing,it's rain-proof which means that you perform multiple exercise modes outside without worrying about sweat or rain corroding your fitness smart watch,and this watch equipped with a 230 mAh large capacity battery magnetic charging ,and this sports activity tracker watch can be used 5-7 days If fully charged.
- 【Larger 1.83'' Full Screen Watch & Multi-dial Selection】1.83 inch full HD color touch screen smart watch for men / women provides excellent 240*284 resolution image quality ,This Bluetooth smart watch offers a better touch experience and remarkable immersion and ,more than 200 watch faces for you to choose from App"Da Fit ", you can change the dial style according to your mood to wear keeping the world on your wrist
- 【Accurate Activity Tracker Smart Watch 】sports watch activity tracker uses sweat and dust resistant breathable silicone strap, our Fitness Tracker Smart Watch for Android iOS Phones supports 12 sports modes,walking,running,bicycle,swimming,badminton,basketball,football,rope skipping. This bluetooth calls smart watch for men women is lightweight and stylish, bringing more convenient and relaxing sports experience while also providing more protection.
- 【Your 24 Hour Personal Daily Health Monitor】Fitness watch for women men full touch screen IP67 waterproof bluetooth smartwatch for Android iOS Phones with heart rate blood pressure monitor multifunction Andriod smart watch with steps counter sleep monitor sports fitness watch, monitoring blood oxygen saturation allows you to understand your physical condition in real time to track fitness progress ,to know your health status in time.
- 【More Functions Bluetooth Call Smart Watch】This fitness activity smart watch full screen for iPhone and Android phones includes a bunch of new features including:The bluetooth smart watch can hang up the phone, receive and display WhatsAPP /Text /Facebook /Twitter /Messenger reminder.Support sedentary reminder, alarm clock, stopwatch, timer,weather information,music control, remote camera control compatible with Android 5.0 and above or iOS 9.0 and above smartphones.
Persistency, rates and premium income
When borrowers refinance or sell homes, policies can cancel. Higher interest rates generally reduce refinancing and may increase persistency, while lower rates can accelerate cancellations. Persistency is not automatically beneficial: retaining a policy also retains its credit risk, and the economics depend on premium, loan age and expected claims.
Capital: PMIERs and statutory measures
Capital eligibility is central to mortgage-insurance investing. Under the Private Mortgage Insurer Eligibility Requirements (PMIERs), an insurer serving covered GSE business must maintain eligible Available Assets at least equal to its Minimum Required Assets. Delinquent loans can require more assets, and approved reinsurance can change the capital credit received. A shrinking cushion can limit new business, distributions or eligibility even before an accounting loss appears.
| Issuer and period | Reported capital figure | What it represents |
|---|---|---|
| MGIC, December 31, 2025 | $5.7 billion of PMIERs Available Assets; $2.5 billion excess over Minimum Required Assets | PMIERs cushion at that reporting date; asset eligibility, delinquency assumptions and reinsurance treatment remain important. |
| Radian Guaranty, December 31, 2025 | $5.4 billion of PMIERs Available Assets; $1.6 billion cushion, or 41% | Subsidiary-level cushion reported by Radian; it is not directly interchangeable with a holding-company balance. |
| MGIC, December 31, 2025 | 10.0-to-1 risk-to-capital ratio; policyholder position $3.6 billion above required minimum policyholder position | A statutory measure using MGIC’s stated definitions and denominator. |
| MGIC, June 30, 2026 | 9.9-to-1 risk-to-capital ratio; policyholder position $3.6 billion above required minimum policyholder position | A later quarter-end statutory snapshot; compare only with periods calculated on the same basis. |
PMIERs and statutory capital answer different questions. PMIERs focuses on eligibility for covered GSE business using eligible assets and required assets. Statutory risk-to-capital and policyholder-position measures are governed by insurance accounting and jurisdictional rules. Neither guarantees future profitability, liquidity or loss-absorbing capacity.
When reviewing a capital table, check whether assets are restricted, whether delinquency assumptions have changed, how reinsurance receives credit, and whether dividends from the insurance subsidiary are limited. Also review debt and cash at the holding company; a well-capitalized subsidiary does not automatically mean the parent can fund every obligation.
Rank #3
- [Low Noise High Fidelity] New bee guitar cord with 22AWG oxygen-free-copper center conductors provides enhanced signal transfer, the PVC insulation material and the high-density stranded copper double shield provide noise rejection for quiet operation
- [Ideal for Choice] New bee 1/4 straight and right angle metal connectors, ensures a secure connection in any instrument, pedal, or amp jack. L shape great fro on stage guitar stands
- [Wide Compatible] Suitable for mixer, power amplifier, microphone, effector, decoder, equalizer, electoronic organ, electric guitar, electric bass and other electronic equipments. Widely used in the installation of smart home, karaoke speaker, professional stage audio, etc
- [Easy Disassemble] Making incidental repairs quick and easy! Very nice, flexible cable
- [Dont Hesite to Order] 24 hours customer services and professional technology team are standing by
How to research a mortgage-insurance stock step by step
- Confirm the security and corporate structure. Record the ticker, legal issuer, regulated insurance subsidiaries, reporting currency and the latest filing date. Note whether the company has material non-insurance operations.
- Read the latest Form 10-K. Start with the business description, risk factors, underwriting standards, reinsurance, investments, liquidity and regulatory sections. Read footnotes defining NIW, IIF, RIF, persistency, delinquencies and losses.
- Read the most recent Form 10-Q. Look for changes in production, reserve development, delinquencies, PMIERs assets, required assets, capital, investments, debt, dividends, acquisitions and divestitures.
- Build a same-period comparison. Put NIW, IIF, RIF, persistency, premium yield, delinquencies, incurred losses, PMIERs cushion and statutory capital in one worksheet. Preserve each issuer’s gross or net basis and definition beside the number.
- Decompose earnings and cash. Separate earned premiums, investment income, losses, operating expenses, taxes, reinsurance recoveries and holding-company costs. Keep GAAP results separate from any adjusted measure and retain the reconciliation.
- Inspect the investment portfolio. Record asset duration, credit quality, unrealized gains or losses, concentration and cash needs. A portfolio can produce income while still exposing capital to rate and spread movements.
- Stress the downside. Model higher delinquencies, lower home prices, slower cures, reduced NIW, weaker persistency, higher required assets and delayed reinsurance recoveries. Ask whether the PMIERs cushion and liquidity remain adequate.
- Check for new disclosures before acting. Review the issuer’s investor-relations filing page and the SEC filings immediately before making an investment decision. Corporate transactions and capital rules can change after the annual report.
Risks that can change the investment case
Housing and employment shocks
MGIC Investment Corporation’s 2025 Form 10-K states: “Economic downturns and/or declines in home prices may lead to increased losses.” The statement is an issuer-identified risk, not a forecast. Falling prices can increase loss severity, while unemployment can increase defaults and claims. A portfolio concentrated in weaker regions, older vintages or high loan-to-value loans may react differently from the industry average.
Mortgage volume and competition
Insurers need a flow of eligible mortgages. A decline in purchase or refinance originations reduces NIW. Private-insurance penetration can change as lenders alter requirements, borrowers choose alternatives or government-backed programs become more attractive. Competitors may win volume by changing price, underwriting or contract terms, which can pressure premium yield.
The Tool Desk
Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Capital pressure from delinquency
More delinquent loans can increase PMIERs Minimum Required Assets at the same time that claims and reserves rise. That combination can reduce a company’s ability to write new policies or return capital. Track the cushion as both a dollar amount and a percentage, and read the assumptions behind each calculation.
Reinsurance and counterparty risk
Reinsurance can transfer losses and reduce required capital, but it introduces counterparty, collateral, renewal and pricing risk. Review who provides the cover, attachment points, limits, exclusions, collateral arrangements and the amount of capital credit recognized under applicable rules. A reinsurance program that works in one period may be repriced or unavailable after a loss event.
Rank #4
- Digital Family Calendar: BSIMB digital calendar wall touch screen puts an end to your chaotic life. Designed for busy families, the digital calendar keeps you organised and in step with your family. Assign different colours and tasks to each family member to make family scheduling easier and more intuitive.
- Easy Setup and Auto-Sync: Plug in, connect to WLAN and auto-syn your electric calendar in minutes. Digital wall calendar compatible with Google calendar, iCloud calendar, Outlook calendar, Cozi calendar and Yahoo calendar. Add events directly on the device or through the ecalendar app. Electronic calendar stays current whether you're at work or traveling—no manual updates needed.
- All-In-One Home Assistant: Smart calendar builds habits and encourage independence with personalised chores. Display daily meal plan to reduce the daily ‘What's for dinner?’ stress. To-do lists keep track of everything you want. Turning chores into valuable achievements with stars and rewards, making life easier and more enjoyable.
- Manage Anytime Anywhere: BSIMB electronic calendar for family stay connected with the powerful ecalendar app. Access and manage your digital wall calendar anytime, anywhere with free features like stars & rewards, photo screensaver, chore charts, meals plans, to-do lists etc. Electronic planner paid features like Magic Import tailor advanced tools for users with special needs.
- Stay in Touch with Loved Ones: Share photos or videos from your phone to electronic wall calendar with app, instantly update your life moment, and keep in touch with your family, especially those who are far away; you can also surprise your smart calendar digital wall by sending him a wish card; it's also great for keeping tech-illiterate elders in touch with the youngsters.
Regulatory and GSE changes
Changes to GSE eligibility, insurance requirements, state regulation, capital formulas or approved risk-transfer structures can alter the economics of the business. An insurer that fails to maintain eligibility could lose access to a major source of mortgage volume.
Interest-rate and investment risk
Interest rates affect refinancing, persistency and the market value of fixed-income investments. MGIC’s Q2 2026 Form 10-Q reported an effective duration of 4.1 years for its fixed-income portfolio at June 30, 2026. Duration is a sensitivity measure, not a forecast of realized returns; credit spreads, defaults, cash flows and portfolio changes also matter.
Execution and structural risk
Acquisitions, integrations, planned disposals and changes in segment reporting can obscure trends. Radian’s disclosed Inigo transaction and planned divestitures illustrate why an investor should read pro-forma information and subsequent filings rather than relying on a historical consolidated margin.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to compare performance without misleading yourself
Use a fixed period, preferably the same quarter or year for every company. Then separate four questions:
- Did the insurer grow? Compare NIW, IIF and RIF with the mortgage market and insurance penetration.
- Was growth profitable? Compare premium yield, expenses, delinquencies, claims and incurred losses with loan mix and policy age.
- Is the balance sheet resilient? Compare PMIERs cushions, statutory capital, reinsurance dependence, investment quality and liquidity.
- Does the price compensate for the risks? Add dated market capitalization, share price, enterprise value where relevant, earnings, book value and dividend data from a current market source. The cited company filings do not establish a current valuation.
Do not rank companies by a lower risk-to-capital ratio or larger PMIERs cushion alone. Definitions, reinsurance, business mix, asset eligibility, delinquency status and the timing of a housing cycle can make apparently similar numbers economically different.
A practical downside-scenario worksheet
Use three scenarios rather than a single forecast. The point is to expose assumptions, not to produce false precision.
Quick wins for a faster PC:
Scan for outdated or missing drivers - takes under a minuteDriver Scan →Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →| Scenario | Operating assumptions to vary | Balance-sheet questions |
|---|---|---|
| Base case | Mortgage volume and persistency follow management’s disclosed outlook; delinquency and claims remain near recent experience | Does capital grow with the portfolio, and are investment cash flows sufficient for expected claims? |
| Housing slowdown | Lower home-price appreciation or a regional decline, slower sales and fewer originations | How much does loss severity rise, and how quickly does the PMIERs cushion contract? |
| Severe credit shock | Higher unemployment, materially more delinquencies, lower cure rates and delayed reinsurance recoveries | Can the insurer remain eligible, fund claims and meet parent-company obligations without raising capital? |
Document which figures are your assumptions and which come from filings. Re-run the worksheet when a quarterly filing changes delinquency inventories, reserve development, reinsurance, capital rules or the business mix.
Common research mistakes
- Treating IIF as profit. Exposure can grow while pricing falls or expected claims rise.
- Mixing net and gross numbers. Reinsurance and cancellations can make two exposure measures look comparable when they are not.
- Using one quarter’s claims as lifetime loss experience. Long-lived books require reserve development and policy-age context.
- Ignoring subsidiary restrictions. Parent cash, regulated capital and dividend capacity are different pools.
- Comparing consolidated companies without segment adjustments. Specialty businesses, acquisitions and disposals can dominate reported growth.
- Assuming a capital cushion is permanent. Delinquencies, asset eligibility, rule changes and reinsurance can change it quickly.
- Inferring valuation from capital metrics. A strong cushion does not tell you what the market already prices into the shares.
- Relying on stale filings. Check the latest 10-Q, 10-K, current reports and investor-relations disclosures before trading.
What a complete investment memo should contain
A disciplined memo can fit on a few pages if every number is traceable. Include:
- the issuer, ticker, subsidiaries and business segments;
- the observation date and source for every market figure;
- NIW, market share, IIF, RIF, persistency, premium yield, delinquencies and incurred losses;
- PMIERs Available Assets, Minimum Required Assets and cushion, with reinsurance treatment;
- statutory risk-to-capital or equivalent measures and their definitions;
- investment duration, credit quality, liquidity, debt and dividend restrictions;
- base, housing-slowdown and severe-credit-shock assumptions;
- transaction, regulatory and GSE-eligibility developments; and
- the specific facts that would invalidate your thesis.
That process turns a mortgage-insurance stock from a ticker into an underwriting and capital question. It also makes uncertainty visible: filings can explain exposure and resilience, but they cannot guarantee returns or replace your own risk tolerance, diversification plan and professional advice where appropriate.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
Free tools Windows power users keep installed
One-click scans. No signup required.
