Contact: MICA (202) 682 2683
Email: pat@micadc.org
MICA Issues Monthly Statistical Report: Insurance in Force Remains Strong
$937-billion of Privately Insured Mortgages in March
WASHINGTON, D.C. April 30, 2009—Mortgage Insurance Companies of America (MICA) today released its monthly statistical report for March with member companies reporting a total of $937,056.9 million in primary insurance in force for the month.
“Mortgage insurers are working to speed the nation’s housing recovery,” said Suzanne C. Hutchinson, Executive Vice President of MICA. “While the mortgage insurance industry is an important catalyst for homeownership, our members are also working with borrowers, lenders and government agencies to prevent foreclosures.”
- MICA reported the following key private mortgage insurance industry statistics for the month of March:
- Dollar Volume. The dollar volume of primary new insurance written on newly originated conventional mortgage loans totaled $9,858.5 million in March.
- Certificates Issued. MICA’s members reported that 49,476 borrowers used private mortgage insurance to buy or refinance a home in March.
- Applications. The number of private mortgage insurance applications received in March by MICA’s members totaled 68,555.
- Defaults and Cures. MICA’s members reported 84,042 defaults and 69,931 cures in March.
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 nearly 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.