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Loss Reserves (Tables) | 12 Months Ended
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Dec. 31, 2020
Insurance Loss Reserves [Abstract] |
Reconciliation of beginning and ending loss reserves | Table 8.1 provides a reconciliation of beginning and ending loss reserves for each of the past three years:
Development of loss reserves
Table | 8.1 |  |  |  |  |  |
(In thousands) |  | 2020 |  | 2019 |  | 2018
Reserve at beginning of year |  | $ | 555,334 |  |  | $ | 674,019 |  |  | $ | 985,635 |
Less reinsurance recoverable |  | 21,641 |  |  | 33,328 |  |  | 48,474 |
Net reserve at beginning of year |  | 533,693 |  |  | 640,691 |  |  | 937,161 |
Losses incurred: |  |  |  |  |  |
Losses and LAE incurred in respect of delinquent notices received in: |  |  |  |  |  |
Current year |  | 345,170 |  |  | 189,581 |  |  | 203,928 |
Prior years (1) |  | 19,604 |  |  | (71,006) |  |  | (167,366) |
Total losses incurred |  | 364,774 |  |  | 118,575 |  |  | 36,562 |
Losses paid: |  |  |  |  |  |
Losses and LAE paid in respect of delinquent notices received in: |  |  |  |  |  |
Current year |  | 3,069 |  |  | 4,018 |  |  | 7,298 |
Prior years |  | 109,923 |  |  | 235,551 |  |  | 327,743 |
Reinsurance terminations |  | (20) |  |  | (13,996) |  |  | (2,009) |
Total losses paid |  | 112,972 |  |  | 225,573 |  |  | 333,032 |
Net reserve at end of year |  | 785,495 |  |  | 533,693 |  |  | 640,691 |
Plus reinsurance recoverables |  | 95,042 |  |  | 21,641 |  |  | 33,328 |
Reserve at end of year |  | $ | 880,537 |  |  | $ | 555,334 |  |  | $ | 674,019 |
(1)A positive number for prior year loss development indicates a deficiency of prior year reserves. A negative number for prior year losses incurred indicates a redundancy of prior year loss reserves. See table 8.2 below for more information about prior year loss development.
Prior year development of the reserves | Table 8.2 below shows the development of reserves in 2020, 2019 and 2018 for previously received delinquencies.
Reserve development on previously received delinquencies
Table | 8.2 |  |  |  |  |  |
(In thousands) |  | 2020 |  | 2019 |  | 2018
(Decrease) in estimated claim rate on primary delinquencies |  | $ | (2,536) |  |  | $ | (111,848) |  |  | $ | (212,738) |
Increase (decrease)in estimated severity on primary delinquencies |  | 13,535 |  |  | (434) |  |  | 28,528 |
Change in estimates related to pool reserves, LAE reserves, reinsurance and other |  | 8,605 |  |  | 41,276 |  |  | 16,844 |
Total prior year loss development (1) |  | $ | 19,604 |  |  | $ | (71,006) |  |  | $ | (167,366) |
(1)A positive number for prior year loss development indicates a deficiency of prior year loss reserves. A negative number for prior year loss development indicates a redundancy of prior year loss reserves.
Rollforward of delinquent inventory roll-forward | A roll-forward of our primary delinquent inventory for the years ended December 31, 2020, 2019, and 2018 appears in table 8.3 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 number of business days in a month and transfers of servicing between loan servicers.
Primary delinquency inventory roll-forward
Table | 8.3 |  |  |  |  |  |
|  | 2020 |  | 2019 |  | 2018
Beginning delinquent inventory |  | 30,028 |  |  | 32,898 |  |  | 46,556 |
New Notices |  | 106,099 |  |  | 54,239 |  |  | 54,448 |
Cures |  | (76,107) |  |  | (52,035) |  |  | (60,511) |
Paid claims |  | (2,245) |  |  | (4,267) |  |  | (5,750) |
Rescissions and denials |  | (65) |  |  | (168) |  |  | (267) |
Other items removed from inventory |  | — |  |  | (639) |  |  | (1,578) |
Ending delinquent inventory |  | 57,710 |  |  | 30,028 |  |  | 32,898 |
Aging of the primary default inventory | The number of consecutive months that a borrower has been delinquent is shown in table 8.4 below.
Primary delinquency inventory - consecutive months delinquent
Table | 8.4 |  |  |  |  |  |
|  | December 31,
|  | 2020 |  | 2019 |  | 2018
3 months or less |  | 11,542 |  |  | 9,447 |  |  | 9,829 |
4 - 11 months |  | 34,620 |  |  | 9,664 |  |  | 9,655 |
12 months or more (1) |  | 11,548 |  |  | 10,917 |  |  | 13,414 |
Total |  | 57,710 |  |  | 30,028 |  |  | 32,898 |
3 months or less |  | 20 | % |  | 32 | % |  | 30 | %
4 - 11 months |  | 60 | % |  | 32 | % |  | 29 | %
12 months or more |  | 20 | % |  | 36 | % |  | 41 | %
Total |  | 100 | % |  | 100 | % |  | 100 | %
Primary claims received inventory included in ending delinquent inventory |  | 159 |  |  | 538 |  |  | 809 |
(1)Approximately 31%, 36%, and 38% of the delinquent inventory that has been delinquent for 12 consecutive months or more has been delinquent for at least 36 consecutive months as of December 31, 2020, 2019 and 2018, respectively.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -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 + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 40 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=116884095&loc=d3e14764-158437 + Details
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