Contact: MICA (202) 682 2683
Email: pat@micadc.org
MICA Issues Monthly Statistical Report: Insurance in Force Rises
Primary Insurance in Force Jumps 20.8% Year Over Year
WASHINGTON, D.C. June 30, 2008 – Mortgage Insurance Companies of America (MICA) today released its monthly statistical report for May showing a continued increase in the dollar amount of insurance in force.
Primary insurance in-force totaled $860,338.9 million in May, a 20.8% increase compared with the $712,028.1 million reported for the same month a year ago.
MICA’s members reported that 89,365 borrowers used private mortgage insurance (PrivateMI) to buy or refinance a home in May.
Suzanne C. Hutchinson, Executive Vice President of MICA, said, “What we’re seeing in the mortgage market is a continuation of the return to realistic and responsible lending standards and privately insured loans are part of that equation.”
MICA reported the following other key PrivateMI industry statistics for the month of May:
- Cures and Defaults. MICA’s members reported 40,687 cures and 67,967 defaults in May.
- Dollar Volume. The dollar volume of primary new insurance written on newly originated 1-to-4 family conventional mortgage loans totaled $15,479.2 million in May.
- Applications. The number of PrivateMI applications received in May by MICA’s members totaled 109,210.
The statistics in this report include data from the following MICA 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.
MICA’s 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. PrivateMI premiums are now tax deductible for many borrowers who purchase or refinance a home.