Contact: MICA (202) 682 2683
Email: pat@micadc.org
MICA Issues Monthly Statistical Report: Insurance in Force Remains Strong
Over $950-billion of Privately Insured Mortgages in December
WASHINGTON, D.C. January 30, 2009 – Mortgage Insurance Companies of America (MICA) today released its monthly statistical report for December with member companies reporting a total of $952,196.2 million in primary insurance in force for the month.
MICA’s latest monthly report includes data from Radian Guaranty which rejoined the association in November.
“The mortgage insurance industry continues to play a key role in the housing market, providing an affordable and predictable option for borrowers who put down less than twenty percent on a home purchase,” said Suzanne C. Hutchinson, Executive Vice President of MICA. “Mortgage insurers assist borrowers and lenders by determining that home buyers can meet their financial obligations and remain in their homes over the long term.”
MICA reported the following other key private mortgage insurance industry statistics for the month of December:
- Dollar Volume. The dollar volume of primary new insurance written on newly originated conventional mortgage loans totaled $7,191.7 million in December.
- Certificates Issued. MICA’s members reported that 46,605 borrowers used private mortgage insurance to buy or refinance a home in December.
- Applications. The number of private mortgage insurance applications received in December by MICA’s members totaled 61,597.
- Defaults and Cures. MICA’s members reported 105,110 defaults and 49,749 cures in December.
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., Radian Guaranty 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 more than a 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.