Mortgage insurers PMI and Genworth Financial are braced for a slowdown in business, reported The Australian today.
Genworth chief executive Peter Hall said that the group had typically insured around 6,000 mortgages a week, but expected to see volumes closer to the 5,000 a week mark.
“You do find, depending on the data coming out in the marketplace, that the market is starting to slow and we are obviously moving back more towards the 5,000 [a week].”
PMI’s chief executive Ian Graham supported Mr Hall: “In terms of any new business activity, certainly activity has slowed – and will probably be flat most of this year – and that’s what lenders will experience.”
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