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 October
WASHINGTON, D.C. December 1, 2008 – Mortgage Insurance Companies of America (MICA) today released its monthly statistical report for October showing continued strength in the total dollar amount of insurance in force.
MICA’s members reported a total of $800,880.5 million in primary insurance in force for the month of October.
“Mortgage insurers play a vital role in sustaining the housing market,” said Suzanne C. Hutchinson, Executive Vice President of MICA. “Mortgage insurers have a stake in each borrower’s ability to repay their privately insured home loan over the long term and they work with lenders to keep borrowers current and avoid foreclosure.”
MICA reported the following other key private mortgage insurance industry statistics for the month of October:
- Dollar Volume. The dollar volume of primary new insurance written on newly originated conventional mortgage loans totaled $7,737.3 million in October.
- Certificates Issued. MICA’s members reported that 42,167 borrowers used private mortgage insurance to buy or refinance a home in October.
- Applications. The number of private mortgage insurance applications received in October by MICA’s members totaled 55,085.
- Defaults and Cures. MICA’s members reported 80,071 defaults and 43,211 cures in October.
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.