Contact: MICA (202) 682 2683
Email: pat@micadc.org
MICA Issues Monthly Statistical Report: Insurance in Force Remains Strong
Over $850-billion of Privately Insured Mortgages in January
WASHINGTON, D.C. February 26, 2010—Mortgage Insurance Companies of America (MICA) today released its monthly statistical report for January with member companies reporting a total of $851,027.6 million in primary insurance in force for the month.
“Mortgage insurers are playing an important role in the nation’s housing recovery, helping to prevent foreclosures by working with loan servicers and investors to modify and refinance troubled home loans,” said Suzanne C. Hutchinson, Executive Vice President of MICA.
MICA reported the following additional key private mortgage insurance industry statistics for the month of January:
- Dollar Volume. The dollar volume of primary new insurance written on newly originated conventional mortgage loans totaled $4,156.4 million in January.
- Certificates Issued. MICA’s members reported that 14,378 borrowers used private mortgage insurance to buy or refinance a home in January.
- Applications. The number of private mortgage insurance applications received in January by MICA’s members totaled 19,438.
- Defaults and Cures. MICA’s members reported 98,685 defaults and 61,195 cures in January.
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.