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 $601,699 million in primary mortgage insurance (MI) in force for the month of July 2011. MICA reported the following additional key private MI industry statistics for the month of July 2011:
►The dollar volume of primary new insurance written on newly originated conventional mortgage loans totaled $4,915.9 million in July.
►MICA members reported that 22,917 borrowers used private MI to buy or refinance a home in July.
►The number of private MI applications received in July by MICA members totaled 26,723.
►MICA members reported 48,758 defaults and 35,905 cures in July.
Statistics in the July 2011 Report includes data from Genworth Mortgage Insurance Corporation, Mortgage Guaranty Insurance Corporation, PMI Mortgage Insurance Company, Radian Guaranty Inc., and Republic Mortgage Insurance Company (RMIC).