Contact: MICA (202) 393 5566
Email: pat@micadc.org
PrivateMI Helps More Families Achieve Homeownership in October
WASHINGTON, D.C. December 1, 2003 -- Mortgage Insurance Companies of America (MICA) reports that 200,827 borrowers used private mortgage insurance (PrivateMI) to buy or refinance a home in October. The number of borrowers in October was 16.5 percent less than the September total of 240,384.
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 October by MICA members was 233,393 or 2.4% less than the 239,168 received in September. The dollar volume of primary insurance written on newly originated 1-to-4 family conventional mortgage loans totaled $30,612.0 million in October, a 16.5% decrease from the previous month's $36,692.7 million. Traditional primary insurance totaled $22,272.9 million and bulk primary insurance totaled $8,338.8 million in October. In that same month, new mortgage pool risk written totaled $636.2 million. Primary insurance in-force increased 1.1% to $616,551.7 million at the end of October. MICA members reported 37,742 cures and 43,309 defaults during October.
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.