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Loss Reserves (Tables) | 3 Months Ended
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Mar. 31, 2017
Insurance Loss Reserves [Abstract] |
Reconciliation of beginning and ending loss reserves | The following table provides a reconciliation of beginning and ending loss reserves as of and for the three months ended March 31, 2017 and 2016:
|  | Three months ended March 31,
(In thousands) |  | 2017 |  | 2016
Reserve at beginning of period |  | $ | 1,438,813 |  |  | $ | 1,893,402 |
Less reinsurance recoverable |  | 50,493 |  |  | 44,487 |
Net reserve at beginning of period |  | 1,388,320 |  |  | 1,848,915 |
Losses incurred: |  |  |  |
Losses and LAE incurred in respect of default notices received in: |  |  |  |
Current year |  | 80,416 |  |  | 92,479 |
Prior years (1) |  | (52,797 | ) |  | (7,467 | )
Total losses incurred |  | 27,619 |  |  | 85,012 |
Losses paid: |  |  |  |
Losses and LAE paid in respect of default notices received in: |  |  |  |
Current year |  | 331 |  |  | 204 |
Prior years |  | 127,224 |  |  | 221,457 |
Reinsurance terminations |  | — |  |  | (4 | )
Total losses paid |  | 127,555 |  |  | 221,657 |
Net reserve at end of period |  | 1,288,384 |  |  | 1,712,270 |
Plus reinsurance recoverables |  | 46,658 |  |  | 41,119 |
Reserve at end of period |  | $ | 1,335,042 |  |  | $ | 1,753,389 |
(1) | A negative number for prior year losses incurred indicates a redundancy of prior year loss reserves. See the following table for more information about prior year loss development.
Prior year development of the reserves | The prior year development of the reserves in the first three months of 2017 and 2016 is reflected in the following table.
|  | Three months ended March 31,
(In millions) |  | 2017 |  | 2016
Decrease in estimated claim rate on primary defaults |  | $ | (54 | ) |  | $ | (26 | )
Increase in estimated severity on primary defaults |  | 4 |  |  | 22 |
Change in estimates related to pool reserves, LAE reserves and reinsurance |  | (3 | ) |  | (3 | )
Total prior year loss development (1) |  | $ | (53 | ) |  | $ | (7 | )
(1) | A negative number for prior year loss development indicates a redundancy of prior year loss reserves.
Rollforward of primary default inventory | A rollforward of our primary default inventory for the three months ended March 31, 2017 and 2016 appears in the following table. The information concerning new notices and cures is compiled from monthly reports received from loan servicers. The level of new notice and cure activity reported in a particular month can be influenced by, among other things, the date on which a servicer generates its report, the number of business days in a month and transfers of servicing between loan servicers.
|  | Three months ended March 31,
|  | 2017 |  | 2016
Default inventory at beginning of period |  | 50,282 |  |  | 62,633 |
New notices |  | 14,939 |  |  | 16,731 |
Cures |  | (17,128 | ) |  | (19,053 | )
Paids (including those charged to a deductible or captive) |  | (2,635 | ) |  | (3,373 | )
Rescissions and denials |  | (95 | ) |  | (210 | )
Other items removed from inventory |  | (14 | ) |  | (1,138 | )
Default inventory at end of period |  | 45,349 |  |  | 55,590 |
Aging of the primary default inventory | Historically as a default ages it becomes more likely to result in a claim.
Consecutive months in default
| March 31, 2017 |  | December 31, 2016 |  | March 31, 2016
3 months or less | 9,184 |  |  | 20 | % |  | 12,194 |  |  | 24 | % |  | 10,120 |  |  | 18 | %
4 - 11 months | 13,617 |  |  | 30 | % |  | 13,450 |  |  | 27 | % |  | 15,319 |  |  | 28 | %
12 months or more (1) | 22,548 |  |  | 50 | % |  | 24,638 |  |  | 49 | % |  | 30,151 |  |  | 54 | %
Total primary default inventory | 45,349 |  |  | 100 | % |  | 50,282 |  |  | 100 | % |  | 55,590 |  |  | 100 | %
Primary claims received inventory included in ending default inventory | 1,390 |  |  | 3 | % |  | 1,385 |  |  | 3 | % |  | 2,267 |  |  | 4 | %
(1) | Approximately 48%, 47%, and 49% of the primary default inventory in default for 12 consecutive months or more has been in default for at least 36 consecutive months as of March 31, 2017, December 31, 2016, and March 31, 2016, respectively.
Number of payments delinquent | The number of payments that a borrower is delinquent is shown in the table below.
Number of payments delinquent
| March 31, 2017 |  | December 31, 2016 |  | March 31, 2016
3 payments or less | 15,692 |  |  | 35 | % |  | 18,419 |  |  | 36 | % |  | 16,864 |  |  | 30 | %
4 - 11 payments | 12,275 |  |  | 27 | % |  | 12,892 |  |  | 26 | % |  | 14,595 |  |  | 26 | %
12 payments or more | 17,382 |  |  | 38 | % |  | 18,971 |  |  | 38 | % |  | 24,131 |  |  | 44 | %
Total primary default inventory | 45,349 |  |  | 100 | % |  | 50,282 |  |  | 100 | % |  | 55,590 |  |  | 100 | %

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- Definition Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6482485&loc=d3e14764-158437 + Details
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