Research Report Sixty Years of Private Mortgage Insurance in the United States
Laurie Goodman, Karan Kaul
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For 60 years, the availability of private mortgage insurance (PMI) has helped millions of borrowers who have insufficient funds for a 20 percent down payment access homeownership. This report describes the industry’s evolution and lessons learned from good times and bad. This report describes the state of the PMI industry, explains who is served by PMI, PMI’s significance to the government-sponsored enterprises, and recent developments. The authors conclude that today’s mortgage insurance industry is better capitalized and operates with stronger underwriting and risk management practices, which should make it more resilient going forward.

See the report's data supplement chartbook, Mortgage Insurance Data at a Glance.

Research Areas Housing finance
Tags Single-family finance Credit availability Finance
Policy Centers Housing Finance Policy Center
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Media Name: usmi_chartbook.jpg
For 62 years, the availability of private mortgage insurance (PMI) has helped millions of borrowers who have insufficient funds for a 20 percent down payment access homeownership. This chartbook quantifies the role of PMI in the agency mortgage market, detailing which borrowers use PMI, how they ...