Contact: MICA (202) 682 2683
Email: pat@micadc.org
PrivateMI Helps More Families Achieve Homeownership in May
WASHINGTON, D.C. June 30, 2006 – Mortgage Insurance Companies of America (MICA) reports that 121,013 borrowers used private mortgage insurance (PrivateMI) to buy or refinance a home in May. The number of borrowers using PrivateMI in May was 26.5% higher than the April total of 95,631.
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 May by MICA members was 126,608 or 25.3% more than the 101,070 received in April. The dollar volume of primary insurance written on newly originated 1-to-4 family conventional mortgage loans totaled $18,170.2 million in May, a 33.8% increase from the previous month’s $13,575.5 million. Traditional primary insurance totaled $13,013.2 million and bulk primary insurance totaled $5,157.0 million in May. In that same month, primary insurance in-force totaled $625,220.8 million. MICA members reported 29,433 cures and 41,450 defaults during May.
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.