The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Doug Harter - UBS Securities LLC - Analyst
: I was hoping you could talk about the competitive dynamics in the industry right now. You had one competitor take significant share in the quarter,
kind of what you're seeing in terms of pricing and level of competition?
Question: Mihir Bhatia - BofA Global Research - Analyst
: Maybe just to start first on the hurricane and how you're going to reserve for the hurricane delinquencies. I understand that there won't be typically,
you see a lot of cure activity or not a lot of claim activity because of the property damage. But when you reserve for it, how are you going to go
about reserving for it?
Question: Mihir Bhatia - BofA Global Research - Analyst
: Got it. And then I wanted to ask about Essent Re. It's starting to grow a little bit, starting to drive a little bit more. I know it's embedded in the
reported on the income statement on the premium income, but you do break it out on the slide. I guess the question is just on Essent Re.
Are we at scale now? Is it going to continue to grow and drive more premium revenue quarter over quarter because it's been growing pretty nicely
so far. So just trying to understand how much more growth we should embed in our models for it over the next year or two.
Question: Mihir Bhatia - BofA Global Research - Analyst
: Okay. And then my last question, just on housing policy. Obviously, new administration coming in, in January. Look, I get the general idea that
historically, Republicans have less regulatory focused, a little bit maybe lighter regulatory touch. But are there any specific regulations that we
should be keeping an eye out whether from a rollback perspective, whether from something that's inhibiting your growth, something that you're
particularly paying attention to that you're looking for the new administration to either roll back, change, implement anything specific we should
be looking at keeping an eye out for?
Question: Bose George - Keefe, Bruyette & Woods, Inc. - Analyst
: Actually going back to credit, I wanted to ask what do you see as a normalized delinquency ratios for the portfolio as it seasons? And can you just
talk about the time line to -- as these portfolios to get fully seasoned.
Question: Bose George - Keefe, Bruyette & Woods, Inc. - Analyst
: Okay. Great. That's helpful. And then actually, a different topic. How much buy down volume do you guys see in coming through the MI market,
the builder product. And is that sort of permanent or temporary? Just curious how much of that's getting MI?
Question: Bose George - Keefe, Bruyette & Woods, Inc. - Analyst
: Okay. So you expect no real difference -- no expectation -- or different expectation in terms of credit performance of that product?
Question: Richard Shane - JPMorgan - Analyst
: Bose really covered it. But I just want to clarify one thing in terms of the buydowns. So you just commented that historically, you haven't seen a
difference in credit performance as buy-downs roll off. I am curious, we're probably just now reaching the point where those one- and two-year
buydowns are reaching the inflection point in terms of rate. Is there anything on the margin that you're seeing.
And again, I think everybody sees that particular product as the edge case in the current environment. And so I'm just curious if you're seeing
anything there worth mentioning?
Question: Richard Shane - JPMorgan - Analyst
: Got it. And is the market from a pricing perspective differentiating that product if it's got a temporary buydown.
Question: Richard Shane - JPMorgan - Analyst
: Totally understand. Can't (inaudible) for asking though.
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