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Loss Reserves (Tables) | 6 Months Ended
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Jun. 30, 2023
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, 2023 and 2022.
Development of reserves for losses and loss adjustment expenses
Table | 11.1 |  |  |  |
|  |  | Six Months Ended June 30,
(In thousands) |  | 2023 |  | 2022
Reserve at beginning of period |  | $ | 557,988 |  |  | $ | 883,522 |
Less reinsurance recoverable |  | 28,240 |  |  | 66,905 |
Net reserve at beginning of period |  | 529,748 |  |  | 816,617 |
Losses incurred: |  |  |  |
Losses and LAE incurred in respect of delinquency notices received in: |  |  |  |
Current year |  | 89,465 |  |  | 68,210 |
Prior years (1) |  | (100,710) |  |  | (186,582) |
Total losses incurred |  | (11,245) |  |  | (118,372) |
Losses paid: |  |  |  |
Losses and LAE paid in respect of delinquency notices received in: |  |  |  |
Current year |  | 25 |  |  | 116 |
Prior years |  | 22,272 |  |  | 24,909 |
Total losses paid |  | 22,297 |  |  | 25,025 |
Net reserve at end of period |  | 496,206 |  |  | 673,220 |
Plus reinsurance recoverable |  | 34,475 |  |  | 53,958 |
Reserve at end of period |  | $ | 530,681 |  |  | $ | 727,178 |
(1)A positive number for prior year loss reserve development indicates a deficiency of prior year reserves. A negative number for prior year loss reserve development indicates a redundancy of prior year loss reserves. See the following table for more information about prior year loss reserve development.
Prior year development of the reserves | The prior year loss reserve development for the six months ended June 30, 2023 and 2022 is shown in table 11.2 below.
Reserve development on previously received delinquencies
Table | 11.2 |  |  |  |
|  |  | Six Months Ended June 30,
(In thousands) |  | 2023 |  | 2022
Increase (decrease) in estimated claim rate on primary defaults |  | $ | (99,148) |  |  | $ | (186,163) |
Change in estimates related to severity on primary defaults, pool reserves, LAE reserves, reinsurance, and other |  | (1,562) |  |  | (419) |
Total prior year loss development (1) |  | $ | (100,710) |  |  | $ | (186,582) |
(1)A positive number for prior year loss reserve development indicates a deficiency of prior year loss reserves. A negative number for prior year loss reserve 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, 2023 and 2022 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,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Delinquency inventory at beginning of period |  | 24,757 |  |  | 30,462 |  |  | 26,387 |  |  | 33,290 |
New notices |  | 10,580 |  |  | 9,396 |  |  | 21,877 |  |  | 20,099 |
Cures |  | (11,156) |  |  | (12,677) |  |  | (23,763) |  |  | (25,877) |
Paid claims |  | (348) |  |  | (319) |  |  | (659) |  |  | (641) |
Rescissions and denials |  | (10) |  |  | (7) |  |  | (19) |  |  | (16) |
Delinquency inventory at end of period |  | 23,823 |  | 26,855 |  | 23,823 |  | 26,855
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 is more likely to result in a claim.
Primary delinquency inventory - consecutive months delinquent
Table | 11.4 |  |  |
| June 30, 2023 | December 31, 2022 | June 30, 2022
3 months or less | 7,663 |  | 8,820 |  | 6,791 |
4-11 months | 8,070 |  | 8,217 |  | 7,946 |
12 months or more (1) | 8,090 |  | 9,350 |  | 12,118 |
Total | 23,823 |  | 26,387 |  | 26,855 |
3 months or less | 32 | % | 33 | % | 25 | %
4-11 months | 34 | % | 31 | % | 30 | %
12 months or more | 34 | % | 36 | % | 45 | %
Total | 100 | % | 100 | % | 100 | %
Primary claims received inventory included in ending delinquent inventory | 291 |  | 267 |  | 254 |
(1)Approximately 41%, 36%, and 29% 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, 2023, December 31, 2022, and June 30, 2022, 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 -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 5.W) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479583/944-40-S99-1 + 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 -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480081/944-40-50-3 + Details
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