Contact: MICA (202) 393 5566
Email: pat@micadc.org
PrivateMI Helps More Families Achieve Homeownership in January
WASHINGTON, D.C. February 28, 2003 - A total of 187,832 borrowers used private mortgage insurance (PrivateMI) to buy or refinance a home in January, according to the Mortgage Insurance Companies of America. The number of borrowers is 26.5 percent less than the December total of 255,556.
PrivateMI has helped 2,321,050 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 January was 247,955 or 13.6 percent less than the December number of 286,904. The dollar volume of primary insurance written on newly originated 1-to-4 family conventional mortgage loans totaled $27,818.5 million in January. This is a $10,266.3 million, or 27.0 percent, decrease from the December volume of $38,084.8 million. Traditional primary insurance totaled $24,652.8 million and bulk primary insurance totaled $3,165.7 million in January. New mortgage pool risk written totaled $635.9 million for the same month. Primary insurance in-force decreased 0.4 percent to $730.1 billion at the end of January. The industry reported 44,682 cures and 58,835 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.