v3.25.4
Concentrations of Credit Risk (Tables)
 12 Months Ended
Dec. 31, 2025
Concentration Risk [Line Items]  
Schedules of Concentration of Risk, by Risk Factor The following table displays the regional geographic concentration of single-family and multifamily loans in our guaranty
book of business, measured by the UPB of the loans.
Geographic Concentration(1)
Percentage of Single-
Family Conventional
Guaranty Book of
Business
Percentage of
Multifamily Guaranty
Book of Business
As of December 31,
As of December 31,
2025
2024
2025
2024
Midwest
14
%
14
%
12
%
12
%
Northeast
16
16
15
15
Southeast
23
23
28
27
Southwest
20
19
22
22
West
27
28
23
24
Total
100
%
100
%
100
%
100
%
(1)Midwest consists of IL, IN, IA, MI, MN, NE, ND, OH, SD and WI. Northeast consists of CT, DE, ME, MA, NH, NJ, NY, PA, PR, RI, VT and
VI. Southeast consists of AL, DC, FL, GA, KY, MD, MS, NC, SC, TN, VA and WV. Southwest consists of AZ, AR, CO, KS, LA, MO, NM, OK,
TX and UT. West consists of AK, CA, GU, HI, ID, MT, NV, OR, WA and WY.
Single-family  
Concentration Risk [Line Items]  
Schedules of Concentration of Risk, by Risk Factor
Percentage of Single-Family
Conventional
Guaranty Book of Business
As of December 31,
2025
2024
Top five depository servicers
23%
24%
Top five non-depository servicers
39
36
Total
62%
60%
Schedule of Delinquency Status Guaranty Book of Business The following tables display the delinquency status and serious delinquency rates for specified loan categories of our
single-family conventional guaranty book of business.
As of December 31,
2025
2024
30 Days
Delinquent
60 Days
Delinquent
Seriously
Delinquent
30 Days
Delinquent
60 Days
Delinquent
Seriously
Delinquent
Percentage of single-family conventional
guaranty book of business based on UPB
1.00%
0.30%
0.63%
1.00%
0.28%
0.60%
Percentage of single-family conventional loans
based on loan count
1.05
0.30
0.58
1.05
0.29
0.56
Schedule of Risk Characteristics Guaranty Book of Business
As of December 31,
2025
2024
Percentage of
Single-Family
Conventional
Guaranty Book
of Business
Based on UPB
Seriously
Delinquent
Rate(1)
Percentage of
Single-Family
Conventional
Guaranty Book
of Business
Based on UPB
Seriously
Delinquent
Rate(1)
Estimated mark-to-market LTV ratio:
80.01% to 90%
7%
1.03%
6%
0.97%
90.01% to 100%
4
0.98
3
0.77
Greater than 100%
*
3.46
*
2.82
Geographical distribution:
California
18
0.44
19
0.41
Florida
6
0.85
6
0.96
Illinois
3
0.73
3
0.69
New York
4
0.78
4
0.79
Texas
8
0.74
8
0.73
All other states
61
0.54
60
0.51
*Represents less than 0.5% of single-family conventional guaranty book of business
(1)
Schedule of Risk in Force Mortgage Insurance Coverage The following table displays our total mortgage insurance risk in force by primary and pool insurance, as well as the total
risk-in-force mortgage insurance coverage as a percentage of the single-family conventional guaranty book of business.
As of December 31,
2025
2024
Risk in Force
- Mortgage
Insurance
Percentage of
Single-Family
Conventional
Guaranty Book
of Business
Risk in Force
- Mortgage
Insurance
Percentage of
Single-Family
Conventional
Guaranty Book
of Business
(Dollars in millions)
Mortgage insurance risk in force:
Primary mortgage insurance
$201,303
$202,277
Pool mortgage insurance
52
53
Total mortgage insurance risk in force
$201,355
6%
$202,330
6%
Schedule of Risk in Force Mortgage Insurance Coverage, by Counterparty The table below displays our mortgage insurer counterparties that provided 10% or more of the risk in force mortgage
insurance coverage on mortgage loans in our single-family conventional guaranty book of business.
Percentage of Risk-in-Force
Coverage by Mortgage Insurer
As of December 31,
2025
2024
Counterparty:(1)
Mortgage Guaranty Insurance Corp.
19%
19%
Radian Guaranty, Inc.
18
18
Enact Mortgage Insurance Corp.
17
17
Arch Capital Group Ltd.
16
17
Essent Guaranty, Inc.
16
16
National Mortgage Insurance Corp.
14
13
Total
100%
100%
(1)Insurance coverage amounts provided for each counterparty may include coverage provided by affiliates and subsidiaries of the
counterparty.
Multifamily  
Concentration Risk [Line Items]  
Schedules of Concentration of Risk, by Risk Factor The table below displays the percentage of our multifamily guaranty book of business serviced by our top five
depository multifamily mortgage servicers and top five non-depository multifamily mortgage servicers. As of December
31, 2025, Walker & Dunlop, Inc. serviced 13% of our multifamily guaranty book of business based on UPB, compared
with 14% as of December 31, 2024. No other multifamily mortgage servicer serviced 10% or more of our multifamily
guaranty book of business as of December 31, 2025 or 2024. Walker & Dunlop, Inc. is a non-depository servicer.
Percentage of Multifamily
Guaranty Book of Business
As of December 31,
2025
2024
Top five depository servicers
24%
26%
Top five non-depository servicers
45
44
Total
69%
70%
Schedule of Delinquency Status Guaranty Book of Business The following tables display the delinquency status and serious delinquency rates for specified loan categories of our
multifamily guaranty book of business.
As of December 31,
2025(1)
2024(1)
30 Days
Delinquent
Seriously
Delinquent(2)
30 Days
Delinquent
Seriously
Delinquent(2)
Percentage of multifamily guaranty book of business
0.10%
0.74%
0.10%
0.57%
Calculated based on the aggregate UPB of multifamily loans for each category divided by the aggregate UPB of loans in our multifamily
guaranty book of business.
(2)Consists of multifamily loans that were 60 days or more past due as of the dates indicated.
Schedule of Risk Characteristics Guaranty Book of Business
As of December 31,
2025
2024
Percentage of
Multifamily
Guaranty
Book of
Business(1)
Serious
Delinquency
Rate(2)(3)
Percentage of
Multifamily
Guaranty
Book of
Business(1)
Serious
Delinquency
Rate(2)(3)
Original LTV ratio:
Greater than 80%
1%
0.12%
1%
0.12%
Less than or equal to 80%
99
0.75
99
0.58
Current DSCR below 1.0(4)
4
5.88
6
4.94
(1)Calculated based on the aggregate UPB of multifamily loans for each category divided by the aggregate UPB of loans in our multifamily
guaranty book of business.
(2)Consists of multifamily loans that were 60 days or more past due as of the dates indicated.
(3)Calculated based on the UPB of multifamily loans that were seriously delinquent divided by the aggregate UPB of multifamily loans for
each category included in our multifamily guaranty book of business.
(4)Our estimates of current DSCRs are based on the latest available income information covering a 12 month period, from quarterly and
annual statements for these properties, including the related debt service.