MICA Reports on PMI Numbers: $5.6B in New Mortgage Insurance

by devteam January 3rd, 2012 | Share

Thernmajor private mortgage insurers wrote 25,074 new policies in November againstrn27,970 applications received for coverage. rnAccording to the monthly statistical report on its member companies fromrnMortgage Insurance Companies of America (MICA), this was down substantially</bfrom October's book of business when 29,508 applications were received and 26,293rnpolicies written.</p

MICArnis the trade group representing Genworth Mortgage Insurance Corporation,rnMortgage Guaranty Insurance Corporation, Radian Guaranty Inc., and RepublicrnMortgage Insurance Company.  These arernamong the largest companies writing private mortgage insurance which isrnrequired for conventional loans when the down payment available for purchase orrnequity for refinancing results in a loan with less than an 80 percentrnloan-to-value.</p

Onlyrnmonthly comparisons are feasible for the November data as one year earlier the muchrnhigher numbers included those of PMI Mortgage Insurance Company, now inrnreceivership with the State of Arizona, and United Guaranty Corporation whichrnis no longer reporting to MICA.</p

Whilernthe number of policies written on newly originated mortgages was down, their dollarrnvolume increased in November to $5.6B compared to $5.1B in October.  The company now has $471.4B of primary insurancernin force compared to $474.2B in October and reported $117.0B in primaryrnrisk in force at the end of the last quarter. rn</p

MICArnmembers reported 39,279 defaults during the month and 33,964 cures compared tornOctober results of 37,547 defaults and 29,871 cures in October.</p

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About the Author


Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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