Nearly 25,000 Homebuyers Use Private MI for February Purchases and Refis

Mortgage Insurance Companies of America (MICA) has released its monthly statistical report with member companies reporting a total of $397,683 million in primary insurance in force for the month of February 2012. Statistics in this report include data from Genworth Mortgage Insurance Corporation, Mortgage Guaranty Insurance Corporation (MGIC) and Radian Guaranty Inc. MICA reported the following additional key private mortgage insurance (MI) industry statistics for the month: ►Dollar volume: Dollar volume of primary new insurance written on newly originated conventional mortgage loans totaled $5.4 million in February. ►Certificates issued: MICA members reported that 24,879 borrowers used private mortgage insurance to buy or refinance a home in February. ►Applications: The number of private mortgage insurance applications received in February by MICA members totaled 26,886. ►Defaults and cures: MICA members reported 24,405 defaults and 27,694 cures in February. MICA is the trade association representing the private MI 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.