Contact: MICA (202) 393 5566
Email: pat@micadc.org
PrivateMI Helps More Families Achieve Homeownership in June
WASHINGTON, D.C. July 30, 2004 – Mortgage Insurance Companies of America (MICA) reports that 161,725 borrowers used private mortgage insurance (PrivateMI) to buy or refinance a home in June. The number of borrowers in June was 10.4 percent higher than the previous month.
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 June by MICA members was 169,220 or 10.5 percent more than the 151,383 received in May. The dollar volume of primary insurance written on newly originated 1-to-4 family conventional mortgage loans totaled $21,514 million in June, a 10.1 percent increase from the previous month’s $19,341 million. Traditional primary insurance totaled $17,752 million and bulk primary insurance totaled $3,762 million in June. In that same month, new mortgage pool risk written totaled $131.9 million. Primary insurance in-force increased 0.23 percent to $614,380 million at the end of June. MICA members reported 32,346 cures and 42,208 defaults during June.
The statistics in this report include data from the following member companies: AIG United Guaranty, Genworth Financial, Mortgage Guaranty Insurance Corporation, PMI Mortgage Insurance Co., Republic Mortgage Insurance Company and Triad Guaranty Insurance 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.