Contact: MICA (202) 393 5566
Email: pat@micadc.org
PrivateMI Helps More Families Achieve Homeownership in September
WASHINGTON, D.C. October 31, 2003 -- Mortgage Insurance Companies of America (MICA) reports that 240,384 borrowers used private mortgage insurance (PrivateMI) to buy or refinance a home in September. The number of borrowers in September was 3.4 percent more than the August total of 232,473.
MICA members have helped more than 2.6 million 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 September by MICA members was 239,168 or 10.0% less than the 265,792 received in August. The dollar volume of primary insurance written on newly originated 1-to-4 family conventional mortgage loans totaled $36,692.7 million in September, a 5.0% increase from the previous month's $34,938.3 million. Traditional primary insurance totaled $28,731.6 million and bulk primary insurance totaled $7,961.1 million in September. In that same month, new mortgage pool risk written totaled $601.5 million. Primary insurance in-force increased 1.0% to $609,622.0 million at the end of September. MICA members reported 36,990 cures and 42,432 defaults during September.
The statistics in this report include data from the following member companies: GE Mortgage Insurance, Mortgage Guaranty Insurance Corporation, PMI Mortgage Insurance Co., Republic Mortgage Insurance Company, Triad Guaranty Insurance Corporation, 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.