Contact: MICA (202) 682 2683
Email: pat@micadc.org
PrivateMI Helps More Families Achieve Homeownership in September
WASHINGTON, D.C. October 29, 2004 – Mortgage Insurance Companies of America (MICA) reports that 134,842 borrowers used private mortgage insurance (PrivateMI) to buy or refinance a home in September. The number of borrowers in September was 7.6% percent less than the August total of 145,993.
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 Private MI applications received in September by MICA members was 149,912 or 2.5% less than the 153,696 received in August. The dollar volume of primary insurance written on newly originated 1-to-4 family conventional mortgage loans totaled $19,206.5 million in September, a 3.4% increase from the previous month’s $18,548.0 million. Traditional primary insurance totaled $14,707.4 million and bulk primary insurance totaled $4,499.1 million in September. In that same month, primary insurance in-force increased to $613,734.6 million. MICA members reported 34,451 cures and 43,656 defaults during September.
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.