Contact: MICA (202) 682 2683
Email: pat@micadc.org
MICA Issues Monthly Statistical Report: Insurance in Force Remains Strong
$892-billion of Privately Insured Mortgages in September
WASHINGTON, D.C. October 30, 2009—Mortgage Insurance Companies of America (MICA) today released its monthly statistical report for September with member companies reporting a total of $892,731 million in primary insurance in force for the month.
“Mortgage insurers are working to bring stability to the housing market, paying claims as they come due and helping to keep troubled borrowers in their homes and prevent foreclosures,” said Suzanne C. Hutchinson, Executive Vice President of MICA. “In fact, in the first half of 2009, mortgage insurers completed over 100,000 loan workouts.”
MICA reported the following additional key private mortgage insurance industry statistics for the month of September:
- Dollar Volume. The dollar volume of primary new insurance written on newly originated conventional mortgage loans totaled $4,825.5 million in September, including HARP originations.
- Certificates Issued. MICA’s members reported that 22,768 borrowers used private mortgage insurance to buy or refinance a home in September.
- Applications. The number of private mortgage insurance applications received in September by MICA’s members totaled 30,221.
- Defaults and Cures. MICA’s members reported 92,292 defaults and 59,750 cures in September.
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.