Concentrations of Credit Risk (Tables)

12 Months Ended

Dec. 31, 2023

Concentration Risk [Line Items]

Schedules of Concentration of Risk, by Risk Factor

The following table displays the regional geographic concentration of single-family and multifamily loans in our guaranty

book of business, measured by the unpaid principal balance of the loans.

	Geographic Concentration(1)
	Percentage of Single- Family Conventional Guaranty Book of Business						Percentage of Multifamily Guaranty Book of Business
	As of December 31,						As of December 31,
	2023			2022			2023			2022
Midwest		14	%		14	%		12	%		12	%
Northeast		16			16			15			15
Southeast		23			23			27			27
Southwest		19			19			22			22
West		28			28			24			24
Total		100	%		100	%		100	%		100	%

(1)Midwest consists of IL, IN, IA, MI, MN, NE, ND, OH, SD and WI. Northeast consists of CT, DE, ME, MA, NH, NJ, NY, PA, PR, RI, VT and

VI. Southeast consists of AL, DC, FL, GA, KY, MD, MS, NC, SC, TN, VA and WV. Southwest consists of AZ, AR, CO, KS, LA, MO, NM, OK,

TX and UT. West consists of AK, CA, GU, HI, ID, MT, NV, OR, WA and WY.

Single-family

Concentration Risk [Line Items]

Schedules of Concentration of Risk, by Risk Factor

The table below displays the percentage of our single-family

conventional guaranty book of business serviced by our top five depository single-family mortgage servicers and top five

non-depository single-family mortgage servicers (i.e., servicers that are not insured depository institutions) based on

unpaid principal balance. There were no servicers that serviced 10% or more of our single-family guaranty book of

business as of December 31, 2023 or 2022.

	Percentage of Single-Family Conventional Guaranty Book of Business
	As of December 31,
	2023	2022
Top five depository servicers	22%	22%
Top five non-depository servicers	27	23
Total	49%	45%

Schedule of Delinquency Status Guaranty Book of Business

The following tables display the delinquency status and serious delinquency rates for specified loan categories of our

single-family conventional guaranty book of business.

	As of December 31,
	2023			2022
	30 Days Delinquent	60 Days Delinquent	Seriously Delinquent(1)	30 Days Delinquent	60 Days Delinquent	Seriously Delinquent(1)
Percentage of single-family conventional guaranty book of business based on UPB	0.98%	0.24%	0.56%	0.84%	0.20%	0.60%
Percentage of single-family conventional loans based on loan count	1.06	0.26	0.55	0.96	0.23	0.65

Schedule of Risk Characteristics Guaranty Book of Business

	As of December 31,
	2023		2022
	Percentage of Single-Family Conventional Guaranty Book of Business Based on UPB	Seriously Delinquent Rate(1)	Percentage of Single-Family Conventional Guaranty Book of Business Based on UPB	Seriously Delinquent Rate(1)
Estimated mark-to-market LTV ratio:
80.01% to 90%	5%	0.81%	5%	0.68%
90.01% to 100%	3	0.59	3	0.40
Greater than 100%	*	2.05	*	4.04
Geographical distribution:
California	19	0.42	19	0.46
Florida	6	0.73	6	0.90
Illinois	3	0.70	3	0.86
New York	5	0.92	5	1.12
Texas	7	0.64	7	0.71
All other states	60	0.52	60	0.62
Vintages:
2008 and prior	2	2.07	2	2.78
2009-2023	98	0.47	98	0.53

*Represents less than 0.5% of single-family conventional book of business.

(1)Based on loan count, consists of single-family conventional loans that were 90 days or more past due or in the foreclosure process as of

December 31, 2023 and 2022.

Schedule of Risk in Force Mortgage Insurance Coverage

The following table displays our total mortgage insurance risk in force by primary and pool insurance, as well as the total

risk-in-force mortgage insurance coverage as a percentage of the single-family conventional guaranty book of business.

	As of December 31,
	2023		2022
	Risk in Force	Percentage of Single-Family Conventional Guaranty Book of Business	Risk in Force	Percentage of Single-Family Conventional Guaranty Book of Business
	(Dollars in millions)
Mortgage insurance risk in force:
Primary mortgage insurance	$200,023		$193,549
Pool mortgage insurance	98		237
Total mortgage insurance risk in force	$200,121	6%	$193,786	5%

Schedule of Risk in Force Mortgage Insurance Coverage, by Counterparty

The table below displays our mortgage insurer counterparties that provided 10% or more of the risk in force mortgage

insurance coverage on mortgage loans in our single-family conventional guaranty book of business.

	Percentage of Risk-in-Force Coverage by Mortgage Insurer
	As of December 31,
	2023	2022
Counterparty:(1)
Mortgage Guaranty Insurance Corp.	19%	19%
Radian Guaranty, Inc.	18	17
Arch Capital Group Ltd.	18	18
Enact Mortgage Insurance Corp.	16	17
Essent Guaranty, Inc.	16	16
National Mortgage Insurance Corp.	13	12
Others	—	1
Total	100%	100%

(1)Insurance coverage amounts provided for each counterparty may include coverage provided by affiliates and subsidiaries of the

counterparty.

Multifamily

Concentration Risk [Line Items]

Schedules of Concentration of Risk, by Risk Factor

The table below displays the percentage of our multifamily guaranty book of business serviced by our top five

depository multifamily mortgage servicers and top five non-depository multifamily mortgage servicers. As of December

31, 2023, two servicers serviced 10% or more of our multifamily guaranty book of business, Walker & Dunlop, Inc. and

Wells Fargo Bank, N.A. (together with its affiliates). As of December 31, 2023, Walker & Dunlop, Inc. and Wells Fargo

Bank, N.A. (together with its affiliates) serviced 13% and 10%, respectively, of our multifamily guaranty book of business

based on unpaid principal balance, compared with 13% and 11% as of December 31, 2022.

	Percentage of Multifamily Guaranty Book of Business
	As of December 31,
	2023	2022
Top five depository servicers	27%	28%
Top five non-depository servicers	44	43
Total	71%	71%

Schedule of Delinquency Status Guaranty Book of Business

The following tables display the delinquency status and serious delinquency rates for specified loan categories of our

multifamily guaranty book of business.

	As of December 31,
	2023(1)		2022(1)
	30 Days Delinquent	Seriously Delinquent(2)	30 Days Delinquent	Seriously Delinquent(2)
Percentage of multifamily guaranty book of business	0.10%	0.46%	0.04%	0.24%

Calculated based on the aggregate unpaid principal balance of multifamily loans for each category divided by the aggregate unpaid

principal balance of loans in our multifamily guaranty book of business.

(2)Consists of multifamily loans that were 60 days or more past due as of the dates indicated.

Schedule of Risk Characteristics Guaranty Book of Business

	As of December 31,
	2023		2022
	Percentage of Multifamily Guaranty Book of Business(1)	Serious Delinquency Rate(2)(3)	Percentage of Multifamily Guaranty Book of Business(1)	Serious Delinquency Rate(2)(3)
Original LTV ratio:
Greater than 80%	1%	0.13%	1%	0.85%
Less than or equal to 80%	99	0.46	99	0.24
Current DSCR below 1.0(4)	4	7.04	3	3.88

(1)Calculated based on the aggregate unpaid principal balance of multifamily loans for each category divided by the aggregate unpaid

principal balance of loans in our multifamily guaranty book of business.

(2)Consists of multifamily loans that were 60 days or more past due as of the dates indicated.

(3)Calculated based on the unpaid principal balance of multifamily loans that were seriously delinquent divided by the aggregate unpaid

principal balance of multifamily loans for each category included in our multifamily guaranty book of business.

(4)Our estimates of current DSCRs are based on the latest available income information covering a 12 month period, from quarterly and

annual statements for these properties including the related debt service.