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Loss Reserves (Tables) | 6 Months Ended
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Jun. 30, 2021
Insurance Loss Reserves [Abstract] |
Reconciliation of beginning and ending loss reserves | Table 11.1 provides a reconciliation of beginning and ending loss reserves as of and for the six months ended June 30, 2021 and 2020.
Development of reserves for losses and loss adjustment expenses
Table | 11.1 |  |  |  |
|  |  | Six Months Ended June 30,
(In thousands) |  | 2021 |  | 2020
Reserve at beginning of period |  | $ | 880,537 |  |  | $ | 555,334 |
Less reinsurance recoverable |  | 95,042 |  |  | 21,641 |
Net reserve at beginning of period |  | 785,495 |  |  | 533,693 |
Losses incurred: |  |  |  |
Losses and LAE incurred in respect of delinquency notices received in: |  |  |  |
Current year |  | 67,068 |  |  | 265,546 |
Prior years (1) |  | 1,732 |  |  | 12,784 |
Total losses incurred |  | 68,800 |  |  | 278,330 |
Losses paid: |  |  |  |
Losses and LAE paid in respect of delinquency notices received in: |  |  |  |
Current year |  | 48 |  |  | 271 |
Prior years |  | 29,164 |  |  | 77,820 |
Reinsurance terminations |  | — |  |  | (20) |
Total losses paid |  | 29,212 |  |  | 78,071 |
Net reserve at end of period |  | 825,083 |  |  | 733,952 |
Plus reinsurance recoverables |  | 111,153 |  |  | 63,444 |
Reserve at end of period |  | $ | 936,236 |  |  | $ | 797,396 |
(1)A positive number for prior year loss development indicates a deficiency of prior year reserves. A negative number for prior year loss development 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 six months of 2021 and 2020 is reflected in table 11.2 below.
Reserve development on previously received delinquencies
Table | 11.2 |  |  |  |
|  |  | Six Months Ended June 30,
(In thousands) |  | 2021 |  | 2020
Increase (decrease) in estimated claim rate on primary defaults |  | $ | (356) |  |  | $ | (2,104) |
Increase (decrease) in estimated severity on primary defaults |  | 512 |  |  | 13,767 |
Change in estimates related to pool reserves, LAE reserves, reinsurance, and other |  | 1,576 |  |  | 1,121 |
Total prior year loss development (1) |  | $ | 1,732 |  |  | $ | 12,784 |
(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 primary delinquent inventory | A rollforward of our primary delinquency inventory for the three and six months ended June 30, 2021 and 2020 appears in table 11.3 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.
Delinquency inventory rollforward |  |  |  |
Table | 11.3 |  |  |  |  |  |  |  |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Delinquency inventory at beginning of period |  | 52,775 |  |  | 27,384 |  |  | 57,710 |  |  | 30,028 |
New notices |  | 9,036 |  |  | 57,584 |  |  | 22,047 |  |  | 69,982 |
Cures |  | (18,460) |  |  | (14,964) |  |  | (36,088) |  |  | (29,077) |
Paid claims |  | (346) |  |  | (661) |  |  | (658) |  |  | (1,558) |
Rescissions and denials |  | (6) |  |  | (17) |  |  | (12) |  |  | (49) |
Delinquency inventory at end of period |  | 42,999 |  | 69,326 |  | 42,999 |  | 69,326
Aging of the primary delinquent inventory | Table 11.4 below shows the number of consecutive months a borrower is delinquent. Historically as a delinquency ages it becomes more likely to result in a claim.
Primary delinquency inventory - consecutive months delinquent
Table | 11.4 |  |  |
| June 30, 2021 | December 31, 2020 | June 30, 2020
3 months or less | 6,513 |  | 11,542 |  | 50,646 |
4-11 months | 12,840 |  | 34,620 |  | 8,370 |
12 months or more (1) | 23,646 |  | 11,548 |  | 10,310 |
Total | 42,999 |  | 57,710 |  | 69,326 |
3 months or less | 15 | % | 20 | % | 73 | %
4-11 months | 30 | % | 60 | % | 12 | %
12 months or more | 55 | % | 20 | % | 15 | %
Total | 100 | % | 100 | % | 100 | %
Primary claims received inventory included in ending delinquent inventory | 159 |  | 159 |  | 247 |
(1)Approximately 15%, 31%, and 33% of the primary delinquency inventory delinquent for 12 consecutive months or more has been delinquent for at least 36 consecutive months as of June 30, 2021, December 31, 2020, and June 30, 2020, 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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