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Loss Reserves (Tables) | 9 Months Ended
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Sep. 30, 2018
Insurance Loss Reserves [Abstract] |
Reconciliation of beginning and ending loss reserves | Table 12.1 provides a reconciliation of beginning and ending loss reserves as of and for the nine months ended September 30, 2018 and 2017.
| Table | 12.1 |  |  |  |
Development of reserves for losses and loss adjustment expenses |  |  |  | Nine months ended September 30,
(In thousands) |  | 2018 |  | 2017
Reserve at beginning of period |  | $ | 985,635 |  |  | $ | 1,438,813 |
Less reinsurance recoverable |  | 48,474 |  |  | 50,493 |
| Net reserve at beginning of period |  | 937,161 |  |  | 1,388,320 |
| Losses incurred: |  |  |  |
| Losses and LAE incurred in respect of delinquency notices received in: |  |  |  |
| Current year |  | 155,808 |  |  | 219,485 |
| Prior years (1) |  | (146,931 | ) |  | (134,780 | )
| Total losses incurred |  | 8,877 |  |  | 84,705 |
| Losses paid: |  |  |  |
| Losses and LAE paid in respect of delinquency notices received in: |  |  |  |
| Current year |  | 2,449 |  |  | 5,474 |
| Prior years |  | 257,808 |  |  | 407,977 |
| Reinsurance terminations |  | (1,984 | ) |  | 301 |
| Total losses paid |  | 258,273 |  |  | 413,752 |
| Net reserve at end of period |  | 687,765 |  |  | 1,059,273 |
| Plus reinsurance recoverables |  | 33,281 |  |  | 45,878 |
| Reserve at end of period |  | $ | 721,046 |  |  | $ | 1,105,151 |
(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 nine months of 2018 and 2017 is reflected in table 12.2 below.
| Table | 12.2 |  |  |  |
Reserve development on previously received delinquencies |  |  |  | Nine months ended September 30,
(in millions) |  | 2018 |  | 2017
Decrease in estimated claim rate on primary defaults |  | $ | (184 | ) |  | $ | (138 | )
Increase in estimated severity on primary defaults |  | 22 |  |  | (2 | )
| Change in estimates related to pool reserves, LAE reserves and reinsurance |  | 15 |  |  | 5 |
| Total prior year loss development (1) |  | $ | (147 | ) |  | $ | (135 | )
(1) | A negative number for prior year loss development indicates a redundancy of prior year loss reserves.
Rollforward of primary delinquent inventory | A rollforward of our primary delinquent inventory for the three and nine months ended September 30, 2018 and 2017 appears in table 12.3 below. 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 accuracy of the data provided by servicers, the number of business days in a month, transfers of servicing between loan servicers and whether all servicers have provided the reports in a given month.
| Table | 12.3 |  |  |  |  |  |  |  |
Delinquent inventory rollforward |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
Delinquent inventory at beginning of period |  | 36,037 |  |  | 41,317 |  |  | 46,556 |  |  | 50,282 |
| New notices |  | 13,569 |  |  | 15,950 |  |  | 40,351 |  |  | 45,352 |
| Cures |  | (14,197 | ) |  | (13,546 | ) |  | (47,620 | ) |  | (45,382 | )
| Paids (including those charged to a deductible or captive) |  | (1,374 | ) |  | (2,195 | ) |  | (4,446 | ) |  | (7,403 | )
| Rescissions and denials |  | (56 | ) |  | (82 | ) |  | (200 | ) |  | (277 | )
| Other items removed from inventory |  | (581 | ) |  | (209 | ) |  | (1,243 | ) |  | (1,337 | )
| Delinquent inventory at end of period |  | 33,398 |  |  | 41,235 |  |  | 33,398 |  |  | 41,235 |
Aging of the primary delinquent inventory | Table 12.4 below shows the number of consecutive months a borrower is delinquent.
| Table | 12.4 |  |  |  |  |  |  |  |  |  |  |
Delinquent inventory - consecutive months in default |  | September 30, 2018 |  | December 31, 2017 |  | September 30, 2017
3 months or less | 9,484 |  |  | 28 | % |  | 17,119 |  |  | 37 | % |  | 11,331 |  |  | 27 | %
4-11 months | 9,564 |  |  | 29 | % |  | 12,050 |  |  | 26 | % |  | 11,092 |  |  | 27 | %
| 12 months or more (1) (2) | 14,350 |  |  | 43 | % |  | 17,387 |  |  | 37 | % |  | 18,812 |  |  | 46 | %
| Total primary delinquent inventory | 33,398 |  |  | 100 | % |  | 46,556 |  |  | 100 | % |  | 41,235 |  |  | 100 | %
| Primary claims received inventory included in ending delinquent inventory: | 766 |  |  | 2 | % |  | 954 |  |  | 2 | % |  | 1,063 |  |  | 3 | %
(1) | Approximately 39%, 45%, and 45% of the primary delinquent inventory delinquent for 12 consecutive months or more has been delinquent for at least 36 consecutive months as of September 30, 2018, December 31, 2017, and September 30, 2017, respectively.
(2) | The majority of items removed from our delinquent inventory due to commutations of NPLs during the nine months ended September 30, 2018 were delinquent for 12 consecutive months or more as of December 31, 2017.
Number of payments delinquent | Table 12.5 below shows the number of payments that a borrower is delinquent.
| Table | 12.5 |  |  |  |  |  |  |  |  |  |  |
Delinquent inventory - number of payments delinquent |  | September 30, 2018 |  | December 31, 2017 |  | September 30, 2017
3 payments or less | 14,813 |  |  | 44 | % |  | 21,678 |  |  | 46 | % |  | 16,916 |  |  | 41 | %
4-11 payments | 9,156 |  |  | 28 | % |  | 12,446 |  |  | 27 | % |  | 10,583 |  |  | 26 | %
12 payments or more (1) (2) | 9,429 |  |  | 28 | % |  | 12,432 |  |  | 27 | % |  | 13,736 |  |  | 33 | %
| Total primary delinquent inventory | 33,398 |  |  | 100 | % |  | 46,556 |  |  | 100 | % |  | 41,235 |  |  | 100 | %
(1) | Approximately 39%, 43%, and 43% of the primary delinquent inventory with 12 payments or more delinquent has at least 36 payments delinquent as of September 30, 2018, December 31, 2017, and September 30, 2017, respectively.
(2) | The majority of items removed from our delinquent inventory due to commutations of NPLs during the nine months ended September 30, 2018 had 12 or more payments delinquent as of December 31, 2017.

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- Definition Tabular disclosure of the reasons for the change in incurred claims and claim adjustment expenses recognized in the income statement attributable to insured events of prior fiscal years. Also includes disclosures of additional premiums or return premiums accrued as a result of changes in incurred claims and claim adjustment expenses. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 5.W) -URI http://asc.fasb.org/extlink&oid=27015833&loc=d3e570705-122907 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65670824&loc=d3e14764-158437 + Details
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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 -URI http://asc.fasb.org/extlink&oid=65670824&loc=d3e14764-158437 + Details
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