Contact: MICA (202) 682 2683
Email: pat@micadc.org
MICA Issues Monthly Statistical Report: Insurance in Force Remains Strong
$886-billion of Privately Insured Mortgages in October
WASHINGTON, D.C. November 30, 2009—Mortgage Insurance Companies of America (MICA) today released its monthly statistical report for October with member companies reporting a total of $886,075 million in primary insurance in force for the month.
“Mortgage insurers continue to pay claims as they come due and aid the economic recovery by helping troubled borrowers keep their homes and prevent foreclosures,” said Suzanne C. Hutchinson, Executive Vice President of MICA. “In the first three quarters of 2009, mortgage insurers completed more than 145,000 loan workouts.”
MICA reported the following additional key private mortgage insurance industry statistics for the month of October:
- Dollar Volume. The dollar volume of primary new insurance written on newly originated conventional mortgage loans totaled $4,764.3 million in October.
- Certificates Issued. MICA’s members reported that 24,339 borrowers used private mortgage insurance to buy or refinance a home in October.
- Applications. The number of private mortgage insurance applications received in October by MICA’s members totaled 31,880.
- Defaults and Cures. MICA’s members reported 91,135 defaults and 51,920 cures in October.
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.