Mortgage Insurance Companies of America (MICA) has released its monthly statistical report for November with member companies reporting a total of $879,707.7 million in primary insurance in force for the month. “Mortgage insurers are helping to prevent foreclosures by working with loan servicers, investors and lenders to modify and refinance home loans and make them more affordable,” said Suzanne C. Hutchinson, executive vice president of MICA. “Mortgage insurers are playing a key role in the national effort to spark a recovery in the housing market.”
MICA reported the following additional key private mortgage insurance industry statistics for the month of November:
► Dollar volume: The dollar volume of primary new insurance written on newly originated conventional mortgage loans totaled $4,878.2 million in November.
► Certificates issued: MICA’s members reported that 21,877 borrowers used private mortgage insurance to buy or refinance a home in November.
► Applications: The number of private mortgage insurance applications received in November by MICA’s members totaled 28,140.
► Defaults and cures: MICA’s members reported 89,772 defaults and 55,437 cures in November.
The statistics in this month’s report include data from the following MICA member companies: Genworth Mortgage Insurance Corporation, Mortgage Guaranty Insurance Corporation, PMI Mortgage Insurance Company, Radian Guaranty Inc., Republic Mortgage Insurance Company and United Guaranty Corporation.
MICA is the trade association representing the private mortgage insurance industry. Its members help loan originators and investors make funds available to homebuyers for low downpayment mortgages by protecting these institutions from a major portion of the financial risk of default.
During the last year, MICA’s members have helped more than half a million families save money by buying or refinancing a home with less than the traditional 20 percent downpayment. Private mortgage insurance premiums are tax deductible for many borrowers who purchase or refinance a home.
For more information, visit www.privatemi.com.