Contact: MICA (202) 393 5566
Email: pat@micadc.org
PrivateMI Helps More Families Achieve Homeownership in April
WASHINGTON, D.C. June 1, 2004 – Mortgage Insurance Companies of America (MICA) reports that 175,091 borrowers used private mortgage insurance (PrivateMI) to buy or refinance a home in April. The number of borrowers in April was 4.7% percent more than the March total of 166,898.
MICA members have helped more than 2.7 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 April by MICA members was 181,471 or 4.1% less than the 189,311 received in March. The dollar volume of primary insurance written on newly originated 1-to-4 family conventional mortgage loans totaled $19,498.4 million in April, a 3.7% decrease from the previous month’s $20,251.1 million. Traditional primary insurance totaled $16,646.6 million and bulk primary insurance totaled $2,851.8 million in April. In that same month, new mortgage pool risk written totaled $81.1 million. Primary insurance in-force decreased 1.0% to $612,666.7 million at the end of April. MICA members reported 34,872 cures and 38,490 defaults during April.
The statistics in this report include data from the following member companies: Genworth Financial, 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.