Contact: MICA (202) 682 2683
Email: pat@micadc.org
PrivateMI Helps More Families Achieve Homeownership in March
WASHINGTON, D.C. April 28, 2006 – Mortgage Insurance Companies of America (MICA) reports that 135,348 borrowers used private mortgage insurance (PrivateMI) to buy or refinance a home in March. The number of borrowers using PrivateMI in March was 29.9% higher than the February total of 104,146.
MICA members have helped over 1.5 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 March by MICA members was 141,117 or 29.7% more than the 108,788 received in February. The dollar volume of primary insurance written on newly originated 1-to-4 family conventional mortgage loans totaled $20,927.2 million in March, a 36.9% increase from the previous month’s $15,280.2 million. Traditional primary insurance totaled $11,954.4 million and bulk primary insurance totaled $8,972.8 million in March. In that same month, primary insurance in-force totaled $622,735.4 million. MICA members reported 40,299 cures and 37,928 defaults during March.
The statistics in this report include data from the following member companies: AIG United Guaranty, Genworth Mortgage Insurance Corporation, 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.