Contact: MICA (202) 682 2683
Email: pat@micadc.org
MICA Issues Monthly Statistical Report: Insurance in Force Remains Strong
Nearly $950-billion of Privately Insured Mortgages in January
WASHINGTON, D.C. February 27, 2009–Mortgage Insurance Companies of America (MICA) today released its monthly statistical report for January with member companies reporting a total of $949,253.6 million in primary insurance in force for the month.
“The mortgage insurance industry is a vital component of the nation’s housing finance system,” said Suzanne C. Hutchinson, Executive Vice President of MICA. “Mortgage insurers make it possible for borrowers seeking a low down payment home loan to participate in the housing market with less than the traditional twenty percent down payment.”
MICA reported the following other key private mortgage insurance industry statistics for the month of January:
- Dollar Volume. The dollar volume of primary new insurance written on newly originated conventional mortgage loans totaled $7,113.6 million in January.
- Certificates Issued. MICA’s members reported that 59,569 borrowers used private mortgage insurance to buy or refinance a home in January.
- Applications. The number of private mortgage insurance applications received in January by MICA’s members totaled 76,130.
- Defaults and Cures. MICA’s members reported 106,484 defaults and 51,093 cures in January.
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.