Contact: MICA (202) 682 2683
Email: pat@micadc.org
MICA Issues Monthly Statistical Report: Insurance in Force Remains Strong
Over $800-billion of Privately Insured Mortgages in July
WASHINGTON, D.C. August 29, 2008 – Mortgage Insurance Companies of America (MICA) today released its monthly statistical report for July showing continued strength in the dollar amount of insurance in force.
MICA’s members reported a total of $801,592.9 million in primary insurance in force for the month of July.
Suzanne C. Hutchinson, Executive Vice President of MICA, said, “We are continuing to see a return to basics in the housing market, and home loans with private mortgage insurance are playing an important role in that effort. Lenders, borrowers and investors are turning to mortgage insurers to help minimize potential losses as a result of the recent declines in the housing market.”
MICA reported the following other key PrivateMI industry statistics for the month of July:
- Dollar Volume. The dollar volume of primary new insurance written on newly originated conventional mortgage loans totaled $12,298.5 million in July.
- Certificates Issued. MICA’s members reported that 70,725 borrowers used private mortgage insurance to buy or refinance a home in July.
- Applications. The number of PrivateMI applications received in July by MICA’s members totaled 86,734.
- Defaults and Cures. MICA’s members reported 68,831 defaults and 39,229 cures in July.
The statistics in this month’s report include data from the following MICA member companies: AIG United Guaranty, Genworth Mortgage Insurance Corporation, Mortgage Guaranty Insurance Corporation, PMI Mortgage Insurance Co., and Republic Mortgage Insurance Company.
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.