Contact: MICA (202) 682 2683
Email: pat@micadc.org
MICA Issues Monthly Statistical Report: Insurance in Force Remains Strong
Over $860-billion of Privately Insured Mortgages in December
WASHINGTON, D.C. January 29, 2010—Mortgage Insurance Companies of America (MICA) today released its monthly statistical report for December with member companies reporting a total of $863,447.9 million in primary insurance in force for the month.
“Mortgage insurers are helping to prevent foreclosures by working with loan servicers, investors and lenders to modify and refinance home loans for troubled borrowers,” said Suzanne C. Hutchinson, Executive Vice President of MICA. “Mortgage insurers continue to play a key role in the national effort to stabilize the housing market.”
MICA reported the following additional key private mortgage insurance industry statistics for the month of December:
- Dollar Volume. The dollar volume of primary new insurance written on newly originated conventional mortgage loans totaled $5,096.8 million in December.
- Certificates Issued. MICA’s members reported that 19,989 borrowers used private mortgage insurance to buy or refinance a home in December.
- Applications. The number of private mortgage insurance applications received in December by MICA’s members totaled 26,284.
- Defaults and Cures. MICA’s members reported 94,651 defaults and 61,032 cures in December.
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 nearly 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.