Contact: MICA (202) 682 2683
Email: pat@micadc.org
MICA Issues Monthly Statistical Report: Insurance in Force Remains Strong
$922-billion of Privately Insured Mortgages in May
WASHINGTON, D.C. June 30, 2009—Mortgage Insurance Companies of America (MICA) today released its monthly statistical report for May with member companies reporting a total of $922,101.3 million in primary insurance in force for the month.
“The ability of mortgage insurers to pay claims in the current economic climate has helped to stabilize the market,” said Suzanne C. Hutchinson, Executive Vice President of MICA. “The mortgage insurance industry continues to play a key role in the national effort to keep people in their homes, 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 May:
- Dollar Volume. The dollar volume of primary new insurance written on newly originated conventional mortgage loans totaled $6,941.3 million in May.
- Certificates Issued. MICA’s members reported that 41,767 borrowers used private mortgage insurance to buy or refinance a home in May.
- Applications. The number of private mortgage insurance applications received in May by MICA’s members totaled 55,464.
- Defaults and Cures. MICA’s members reported 87,904 defaults and 52,590 cures in May.
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.