Mortgage Insurance Companies of America (MICA), a trade association representing the private mortgage insurance (PMI) industry, has released its monthly statistical report with member companies reporting a total of $606.3 billion in primary mortgage insurance (MI) in force for the month of June 2011. MICA reported the following additional key private mortgage insurance industry statistics for the month:
►Dollar volume: Dollar volume of primary new insurance written on newly originated conventional mortgage loans totaled approximately $4.8 billion in June 2011.
►Certificates issued: MICA members reported that 24,161 borrowers used PMI to buy or refinance a home in June.
►Applications: The number of PMI applications received in June by MICA members totaled 28,214.
►Defaults and cures: MICA members reported 45,573 defaults and 38,753 cures in June.
Statistics in this report include data from the following companies: Genworth Mortgage Insurance Corporation, Mortgage Guaranty Insurance Corporation (MGIC), PMI Mortgage Insurance Company, Radian Guaranty Inc., and Republic Mortgage Insurance Company (RMIC).
MICA's 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.