Contact: MICA (202) 682 2683
Email: pat@micadc.org
PrivateMI Helps More Families Achieve Homeownership in January
WASHINGTON, D.C. February 29, 2008 – Mortgage Insurance Companies of America (MICA) reports that 127,338 borrowers used private mortgage insurance (PrivateMI) to buy or refinance a home in January. The number of borrowers using PrivateMI in January was 11.3% lower than the December total of 143,602.
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.
The number of PrivateMI applications received in January by MICA members was 138,679 or 10.3% less than the 154,637 received in December. The dollar volume of primary insurance written on newly originated 1-to-4 family conventional mortgage loans totaled $22,167.5 million in January, a 14.0% decrease from the previous month’s $25,785.9 million. Traditional primary insurance totaled $21,671.3 million and bulk primary insurance totaled $496.2 million in January. In that same month, primary insurance in-force totaled $832,746.7 million. MICA members reported 35,468 cures and 68,950 defaults during January.
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.