Contact: MICA (202) 393 5566
Email: pat@micadc.org
PrivateMI Helps More Families Achieve Homeownership in November
WASHINGTON, D.C. January 2, 2004 – Mortgage Insurance Companies of America (MICA) reports that 144,485 borrowers used private mortgage insurance (PrivateMI) to buy or refinance a home in November.
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 November by MICA members was 154,348 or 33.9% less than the 233,393 received in October. The dollar volume of primary insurance written on newly originated 1-to-4 family conventional mortgage loans totaled $22,023.9 million in November, a 28.1% decrease from the previous month’s $30,612.0 million. Traditional primary insurance totaled $17,164.2 million and bulk primary insurance totaled $4,859.7 million in November. In that same month, new mortgage pool risk written totaled $124.5 million. Primary insurance in-force decreased 0.22% to $615,151.9 million at the end of November. MICA members reported 40,071 cures and 41,979 defaults during November.
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.