Contact: MICA (202) 393 5566
Email: pat@micadc.org
PrivateMI Helps More Families Achieve Homeownership in December
WASHINGTON, D.C. January 31, 2003 - A total of 255,556 borrowers used private mortgage insurance (PrivateMI) to buy or refinance a home in December, according to the Mortgage Insurance Companies of America. The number of borrowers is 23.7 percent more than the November total of 206,531.
PrivateMI has helped 2,305,709 families during the past twelve months save money by buying or refinancing a home with less than the traditional 20 percent down payment. The average buyer can purchase a house 10 years sooner by using PrivateMI, typically with as little as 3 percent down - even less for qualified borrowers.
The number of PrivateMI applications received in December was 286,904 or 6.5 percent more than the November number of 269,436. The dollar volume of primary insurance written on newly originated 1-to-4 family conventional mortgage loans totaled $38,084.8 million in December. This is a $7,942.0 million, or 26.4 percent, increase from the November volume of $30,142.8 million. Traditional primary insurance totaled $29,226.5 million and bulk primary insurance totaled $8,858.3 million in December. New mortgage pool risk written totaled $664.8 million for the same month. Primary insurance in-force increased 0.94 percent to $733.3 billion at the end of December. The industry reported 43,570 cures and 53,566 defaults during the month.
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.