Contact: MICA (202) 393 5566
Email: pat@micadc.org
PrivateMI Helps More Families Achieve Homeownership in April
WASHINGTON, D.C. May 30, 2003 -- A total of 210,743 borrowers used private mortgage insurance (PrivateMI) to buy or refinance a home in April, according to the Mortgage Insurance Companies of America. The number of borrowers is 21.0 percent less than the March total of 266,862.
PrivateMI has helped 2,426,362 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 April was 309,509 or 5.8 percent less than the March number of 328,435. The dollar volume of primary insurance written on newly originated 1-to-4 family conventional mortgage loans totaled $30,898.0 million in April. This is a $12,364.8 million, or 28.6 percent, decrease from the March volume of $43,263.0 million. Traditional primary insurance totaled $26,400.6 million and bulk primary insurance totaled $4,497.5 million in April. New mortgage pool risk written totaled $1,127.1 million in April. Primary insurance in-force decreased 0.8 percent to $728.6 billion at the end of April. The industry reported 46,882 cures and 45,098 defaults during April.
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.