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Concentrations of Credit Risk (Tables)
 3 Months Ended
Mar. 31, 2025
Single-family  
Concentration Risk [Line Items]  
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
March 31, 2025
December 31, 2024
30 Days Delinquent60 Days DelinquentSeriously Delinquent30 Days Delinquent60 Days DelinquentSeriously Delinquent
Percentage of single-family conventional guaranty book of business based on UPB0.84 %0.24 %0.60 %1.00 %0.28 %0.60 %
Percentage of single-family conventional loans based on loan count0.90 0.24 0.56 1.05 0.29 0.56 
Schedule of Risk Characteristics Guaranty Book of Business
As of
March 31, 2025
December 31, 2024
Percentage of
Single-Family
Conventional
Guaranty Book of Business
Based on UPB
Serious Delinquency Rate
Percentage of
Single-Family
Conventional
Guaranty Book of Business
Based on UPB
Serious Delinquency Rate
Estimated mark-to-market LTV ratio:
80.01% to 90%6 %1.00 %6 %0.97 %
90.01% to 100%3 0.83 3 0.77 
Greater than 100%*3.26 *2.82 
Geographical distribution:
California19 0.43 19 0.41 
Florida6 0.96 6 0.96 
Illinois3 0.69 3 0.69 
New York4 0.77 4 0.79 
Texas8 0.69 8 0.73 
All other states60 0.50 60 0.51 
*    Represents less than 0.5% of single-family conventional guaranty book of business.
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
March 31, 2025December 31, 2024
Risk in ForcePercentage of Single-Family Conventional Guaranty Book of BusinessRisk in ForcePercentage of Single-Family Conventional Guaranty Book of Business
(Dollars in millions)
Mortgage insurance risk in force:
Primary mortgage insurance$201,699 $202,277 
Pool mortgage insurance52 53 
Total mortgage insurance risk in force$201,751 6%$202,330 6%
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
March 31, 2025December 31, 2024
Counterparty:(1)
Mortgage Guaranty Insurance Corp.19 %19 %
Radian Guaranty, Inc.18 18 
Arch Capital Group Ltd.17 17 
Enact Mortgage Insurance Corp.17 17 
Essent Guaranty, Inc.16 16 
National Mortgage Insurance Corp.13 13 
Total100 %100 %
(1)Insurance coverage amounts provided for each counterparty may include coverage provided by affiliates and subsidiaries of the counterparty.
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. These concentrations are based on loans for which the servicer is contractually responsible directly to us and exclude loans serviced by the counterparty on behalf of another servicer. On this basis, there were no servicers that serviced 10% or more of our single-family guaranty book of business as of March 31, 2025 or December 31, 2024.
Percentage of Single-Family
Conventional
Guaranty Book of Business
As of
March 31, 2025December 31, 2024
Top five depository servicers21 %21 %
Top five non-depository servicers30 30 
Total51 %51 %
Multifamily  
Concentration Risk [Line Items]  
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
March 31, 2025(1)
December 31, 2024(1)
30 Days Delinquent
Seriously Delinquent(2)
30 Days Delinquent
Seriously Delinquent(2)
Percentage of multifamily guaranty book of business0.17 %0.63 %0.10 %0.57 %
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
March 31, 2025December 31, 2024
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 %0.11 %1 %0.12 %
Less than or equal to 80%99 0.63 99 0.58 
Current DSCR below 1.0(4)
5 5.38 6 4.94 
(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 including the related debt service covering a 12-month period, from quarterly and annual statements for these properties.
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 March 31, 2025, one servicer serviced 10% or more of our multifamily guaranty book of business, Walker & Dunlop, Inc. As of March 31, 2025 and December 31, 2024, Walker & Dunlop, Inc. serviced 14% of our multifamily guaranty book of business based on unpaid principal balance. Walker & Dunlop, Inc. is a non-depository servicer.
Percentage of Multifamily
Guaranty Book of Business
As of
March 31, 2025December 31, 2024
Top five depository servicers25 %26 %
Top five non-depository servicers45 44 
Total70 %70 %