Contact: MICA (202) 393 5566
Email: pat@micadc.org
PrivateMI Helps More Families Achieve Homeownership in May
WASHINGTON, D.C. June 30, 2003 -- A total of 237,288 borrowers used private mortgage insurance (PrivateMI) to buy or refinance a home in May, according to the Mortgage Insurance Companies of America. The number of borrowers is 12.6 percent more than the April total of 210,743.
PrivateMI has helped 2,485,210 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 May was 312,445 or 0.9 percent more than the April number of 309,509. The dollar volume of primary insurance written on newly originated 1-to-4 family conventional mortgage loans totaled $35,423.2 million in May. This is a $4,525.1 million, or 14.6 percent, increase from the April volume of $30,898.1 million. Traditional primary insurance totaled $29,333.9 million and bulk primary insurance totaled $6,089.3 million in May. New mortgage pool risk written totaled $538.1 million in May. Primary insurance in-force decreased 0.7 percent to $723.8 billion at the end of May. The industry reported 41,672 cures and 51,255 defaults during May.
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.