Contact: MICA (202) 682 2683
Email: pat@micadc.org
PrivateMI Helps More Families Achieve Homeownership in February
WASHINGTON, D.C. March 31, 2005 - Mortgage Insurance Companies of America (MICA) reports that 99,180 borrowers used private mortgage insurance (PrivateMI) to buy or refinance a home in February. The number of borrowers using PrivateMI in February was slightly higher than the January total of 99,042.
MICA members have helped close to 1.8 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 February by MICA members was 110,384 or 5.9% more than the 103,901 received in January. The dollar volume of primary insurance written on newly originated 1-to-4 family conventional mortgage loans totaled $13,766.0 million in February, a 1.7% decrease from the previous month’s $13,994.0 million. Traditional primary insurance totaled $9,810.0 million and bulk primary insurance totaled $3,956.0 million in February. In that same month, primary insurance in-force totaled $602,901.5 million. MICA members reported 43,205 cures and 38,421 defaults during February.
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.