



The MMDI is a lifetime default rate estimate calculated at the loan level for a portfolio of single-family mortgages.

Since 2018, Milliman has been tracking the Private Mortgage Insurer (PMI) New Insurance Written (NIW) landscape and Insurance In Force (IIF) performance to keep our finger on the pulse of the market.
We explore how the introduction of lender's choice of credit score at mortgage origination is expected to change both underwriting processes and mortgage pricing.
Understanding the advantages and challenges of down payment assistance programs is critical to the mission-–and balance sheet-–of housing finance agencies.
This white paper introduces key concepts in pipeline risk management, focusing on pull-through risk and the financial exposure lenders assume during the application and mortgage origination process.
The paper highlights how convexity and basis risk introduce exposure during large interest rate shifts, which can erode lender margins even when hedged.