Contact: MICA (202) 682 2683
Email: pat@micadc.org
PrivateMI Helps More Families Achieve Homeownership in July
WASHINGTON, D.C. August 31, 2007 – Mortgage Insurance Companies of America (MICA) reports that 171,186 borrowers used private mortgage insurance (PrivateMI) to buy or refinance a home in July. The number of borrowers using PrivateMI in July was 13.7% lower than the June total of 198,258.
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 July by MICA members was 180,561 or 12.8% less than the 207,050 received in June. The dollar volume of primary insurance written on newly originated 1-to-4 family conventional mortgage loans totaled $26,573.1 million in July, a 13.2% decrease from the previous month’s $30,630.0 million. Traditional primary insurance totaled $22,748.4 million and bulk primary insurance totaled $3,824.7 million in July. In that same month, primary insurance in-force totaled $742,972.6 million. MICA members reported 30,567 cures and 57,219 defaults during July.
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.