Insurer QBE has had mixed results with its two lenders' insurance businesses. The QBE LMI business has stopped underwriting in New Zealand but expects strong growth in Australia this year. Meanwhile, its US "lender-placed" insurance business was below budget in the first six months of the year.Yesterday, QBE released its results for the six months to June. Last week, it announced that it would stop underwriting lenders' mortgage insurance in New Zealand, because of falling demand.Despite this, the company has forecast that it will write US$400 million of LMI premiums in Australia and New Zealand in the year to December.According to Australian Prudential Regulation Authority data, QBE's gross earned premium in 2012 was A$234.4 million.QBE's financial report said "controlled growth" in the LMI business was one of the key factors in its premium growth in Australia during the June half.In the United States, QBE sells lender-placed insurance, which is cover sold to lenders whose borrowers' home building insurance has lapsed or been cancelled. In the US, mortgage contracts require that buildings be insured.QBE said LPI premium income was well below budget, largely because of a material reduction in mortgages being serviced by one of QBE's big clients, Bank of America.The sale by Bank of America of a significant proportion of its loan portfolio caused the cancellation of policies, requiring QBE to refund an element of its unearned premium. Another factor was regulatory pressure on premium rates.