Contact: MICA (202) 682 2683
Email: pat@micadc.org
MICA Issues Monthly Statistical Report: Insurance in Force Remains Strong
$900-billion of Privately Insured Mortgages in August
WASHINGTON, D.C. September 30, 2009—Mortgage Insurance Companies of America (MICA) today released its monthly statistical report for August with member companies reporting a total of $900,761.9 million in primary insurance in force for the month.
“Mortgage insurers are part of the solution to turn around the housing market, helping troubled borrowers facing foreclosure by working with loan servicers, investors and lenders to modify and refinance home loans,” said Suzanne C. Hutchinson, Executive Vice President of MICA. “These efforts by the industry are helping to bring stability back to the housing market.”
MICA reported the following additional key private mortgage insurance industry statistics for the month of August:
- Dollar Volume. The dollar volume of primary new insurance written on newly originated conventional mortgage loans totaled $5,771.4 million in August, including HARP originations.
- Certificates Issued. MICA’s members reported that 25,183 borrowers used private mortgage insurance to buy or refinance a home in August.
- Applications. The number of private mortgage insurance applications received in August by MICA’s members totaled 35,358.
- Defaults and Cures. MICA’s members reported 91,854 defaults and 52,939 cures in August.
The statistics in this month’s report include data from the following MICA member companies: Genworth Mortgage Insurance Corporation, Mortgage Guaranty Insurance Corporation, PMI Mortgage Insurance Co., Radian Guaranty Inc., Republic Mortgage Insurance Company and United Guaranty Corporation.
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.
During the last year, MICA’s members have helped more than half a million families save money by buying or refinancing a home with less than the traditional 20 percent down payment. Private mortgage insurance premiums are tax deductible for many borrowers who purchase or refinance a home.