Mortgage insurance companies beat analysts' second-quarter earnings projections, and industry experts are saying the second half will be even better, with refinancing volume expected to cool down.

But mortgage insurers' stocks have by and large trailed the rest of the market because of concerns about competitive pressures and legislation that could affect the industry. Amerin Guaranty Corp. is to release its earnings today; the other three major mortgage insurance companies' results came out last week.

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