Contact: MICA (202) 682 2683
Email: pat@micadc.org
PrivateMI Helps More Families Achieve Homeownership in June
WASHINGTON, D.C. July 31, 2006 – Mortgage Insurance Companies of America (MICA) reports that 143,501 borrowers used private mortgage insurance (PrivateMI) to buy or refinance a home in June. The number of borrowers using PrivateMI in June was 18.5% higher than the May total of 121,013.
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 June by MICA members was 148,332 or 17.2% more than the 126,608 received in May. The dollar volume of primary insurance written on newly originated 1-to-4 family conventional mortgage loans totaled $22,249.1 million in June, a 22.4% increase from the previous month’s $18,170.2 million. Traditional primary insurance totaled $14,084.7 million and bulk primary insurance totaled $8,164.4 million in June. In that same month, primary insurance in-force totaled $632,138.8 million. MICA members reported 31,588 cures and 42,477 defaults during June.
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.