Contact: MICA (202) 393 5566
Email: pat@micadc.org
PrivateMI Helps More Families Achieve Homeownership in February
WASHINGTON, D.C. March 31, 2004 – Mortgage Insurance Companies of America (MICA) reports that 137,948 borrowers used private mortgage insurance (PrivateMI) to buy or refinance a home in February. The number of borrowers in February was 8.2% percent more than the January total of 126,677.
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 February by MICA members was 140,648 or 12.8% more than the 122,642 received in January. The dollar volume of primary insurance written on newly originated 1-to-4 family conventional mortgage loans totaled $14,446.1 million in February, a 1.7% decrease from the previous month’s $14,689.0 million. Traditional primary insurance totaled $12,178.0 million and bulk primary insurance totaled $2,268.1 million in February. In that same month, new mortgage pool risk written totaled $81.7 million. Primary insurance in-force decreased 0.23% to $616,743.3 million at the end of February. MICA members reported 45,900 cures and 41,040 defaults during February.
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.