Contact: MICA (202) 682 2683
Email: pat@micadc.org
MICA Issues Monthly Statistical Report: Insurance in Force Rises
Primary Insurance in Force Jumps 18.3% Year Over Year
WASHINGTON, D.C. July 31, 2008–Mortgage Insurance Companies of America (MICA) today released its monthly statistical report for June showing a continued increase in the dollar amount of insurance in force.
Primary insurance in-force totaled $863,146.1 million in June, an 18.3% increase compared with the $729,561.2 million reported for the same month a year ago.
MICA’s members reported that 74,779 borrowers used private mortgage insurance (PrivateMI) to buy or refinance a home in June.
Suzanne C. Hutchinson, Executive Vice President of MICA, said, “The return to realistic and responsible lending standards is being reflected in the housing market. The mortgage insurance industry remains very active in providing home loans to help borrowers who are seeking secure and predictable financing during these uncertain times.”
MICA reported the following other key PrivateMI industry statistics for the month of June:
- Cures and Defaults. MICA’s members reported 43,214 cures and 67,908 defaults in June.
- Dollar Volume. The dollar volume of primary new insurance written on newly originated 1-to-4 family conventional mortgage loans totaled $13,732.4 million in June.
- Applications. The number of PrivateMI applications received in June by MICA’s members totaled 90,896.
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.