Contact: MICA (202) 682 2683
Email: pat@micadc.org
MICA Issues Monthly Statistical Report: Insurance in Force Remains Strong
$932-billion of Privately Insured Mortgages in April
WASHINGTON, D.C. May 29, 2009—Mortgage Insurance Companies of America (MICA) today released its monthly statistical report for April with member companies reporting a total of $932,040.5 million in primary insurance in force for the month.
“Mortgage insurers have an important role in the nation’s housing recovery,” said Suzanne C. Hutchinson, Executive Vice President of MICA. “In addition to insuring low down payment mortgages for new purchases, the mortgage insurance industry is working closely with borrowers, lenders and government agencies to modify existing loans and prevent foreclosures.”
MICA reported the following key private mortgage insurance industry statistics for the month of April:
- Dollar Volume. The dollar volume of primary new insurance written on newly originated conventional mortgage loans totaled $7,817 million in April.
- Certificates Issued. MICA’s members reported that 45,046 borrowers used private mortgage insurance to buy or refinance a home in April.
- Applications. The number of private mortgage insurance applications received in April by MICA’s members totaled 60,947.
- Defaults and Cures. MICA’s members reported 81,171 defaults and 58,587 cures in April.
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.