Contact: MICA (202) 682 2683
Email: pat@micadc.org
PrivateMI Helps More Families Achieve Homeownership in April
WASHINGTON, D.C. May 31, 2007 – Mortgage Insurance Companies of America (MICA) reports that 161,100 borrowers used private mortgage insurance (PrivateMI) to buy or refinance a home in April. The number of borrowers using PrivateMI in April was 12.4% lower than the March total of 183,919.
MICA members have helped over 1.5 million families during the past twelve months save money by buying or refinancing a home with less than the traditional 20 percent down payment. The average buyer can purchase a house 10 years sooner by using PrivateMI, typically with as little as 3 percent down – even less for qualified borrowers. PrivateMI premiums are now tax deductible for many borrowers who purchase or refinance a home in 2007.
The number of PrivateMI applications received in April by MICA members was 169,590 or 11.5% less than the 191,525 received in March. The dollar volume of primary insurance written on newly originated 1-to-4 family conventional mortgage loans totaled $20,727.7 million in April, a 22.2% decrease from the previous month’s $26,628.3 million. Traditional primary insurance totaled $17,416.6 million and bulk primary insurance totaled $3,311.1 million in April. In that same month, primary insurance in-force totaled $696,464.4 million. MICA members reported 34,347 cures and 43,161 defaults during April.
The statistics in this report include data from the following member companies: AIG United Guaranty, Genworth Mortgage Insurance Corporation, Mortgage Guaranty Insurance Corporation, PMI Mortgage Insurance Co., Republic Mortgage Insurance Company and Triad Guaranty Insurance Corporation.
MICA is the trade association representing the private mortgage insurance industry. Its members help loan originators and investors make funds available to home buyers for low down payment mortgages by protecting these institutions from a major portion of the financial risk of default.