Private mortgage insurance industry experiencing renaissance

The private mortgage insurance industry is experiencing what may be the beginning of a renaissance as it rides the back of a housing recovery and assumes a bigger role in mortgage finance as the government attempts to retreat from the market, Bloomberg reports.

Essent Group Ltd. filed for an IPO last week, becoming the first home-loan guarantor to do so in nearly 20 years, and mortgage insurers Radian and MGIC have more than doubled this year in New York trading, according to Bloomberg.

Source: Bloomberg