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 August
WASHINGTON, D.C. September 30, 2008 – Mortgage Insurance Companies of America (MICA) today released its monthly statistical report for August showing continued strength in the total dollar amount of insurance in force.
MICA’s members reported a total of $801,700.6 million in primary insurance in force for the month of August.
Suzanne C. Hutchinson, Executive Vice President of MICA, said, “Home loans with private mortgage insurance offer lenders, borrowers and investors a reliable and predictable financing option reflecting a return to quality in the housing market.”
MICA reported the following other key private mortgage insurance industry statistics for the month of August:
- Dollar Volume. The dollar volume of primary new insurance written on newly originated conventional mortgage loans totaled $10,161.5 million in August.
- Certificates Issued. MICA’s members reported that 53,476 borrowers used private mortgage insurance to buy or refinance a home in August.
- Applications. The number of private mortgage insurance applications received in August by MICA’s members totaled 65,546.
- Defaults and Cures. MICA’s members reported 72,818 defaults and 41,783 cures in August.
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. Private mortgage insurance premiums are now tax deductible for many borrowers who purchase or refinance a home.