Contact: MICA (202) 682 2683
Email: pat@micadc.org
PrivateMI Helps More Families Achieve Homeownership in October
WASHINGTON, D.C. November 30, 2007–Mortgage Insurance Companies of America (MICA) reports that 175,383 borrowers used private mortgage insurance (PrivateMI) to buy or refinance a home in October. The number of borrowers using PrivateMI in October was 9.8% higher than the September total of 159,719.
MICA members have helped nearly 2 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 October by MICA members was 183,659 or 9.3% more than the 168,073 received in September. The dollar volume of primary insurance written on newly originated 1-to-4 family conventional mortgage loans totaled $26,260.5 million in October, a 8.9% decrease from the previous month’s $28,855.6 million. Traditional primary insurance totaled $25,349.0 million and bulk primary insurance totaled $911.5 million in October. In that same month, primary insurance in-force totaled $790,493.5 million. MICA members reported 33,290 cures and 59,308 defaults during October.
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.