Mortgage Insurers Wrote $7 Billion in PMI Last Month
Thursday, May 31, 2012 12:05 PM
The Mortgage Insurance Companies of America (MICA), the association representing private mortgage insurers, said today that its members companies had $395.7 billion in primary insurance in place in the month of April. In March the reported coverage was $396.6 billion. The new figure is a substantial reduction in coverage from the $615.7 billion MICA reported one year ago however some year-over-year comparisons are skewed due to the subsequent receiverships of PMI Insurance Company and Republic Mortgage Insurance Company.
Private mortgage insurance is required by many conventional lenders for mortgages written with less than a 20 percent down payment.
Companies wrote $7.2 billion in coverage for newly originated conventional mortgage loans during April compared to $6.7 billion in March and $3.7 billion in April 2011. Applications were received from 33,013 potential borrowers in April and the insurance was used in the purchase or refinance of 30,575 homes.
Members reported 22,569 defaults in April compared to 21,624 in March and 40,875 one year earlier. There were 20,678 reported cures in April down from 28,026 in March and 43,362 in April 2011.
MCIA reports data from three of the country’s largest private mortgage insurers: Genworth Mortgage Insurance Corporation, Mortgage Guaranty Insurance Corporation, and Radian Guaranty Inc.
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