MICA: Mortgage insurers write $8.7B in new MI business
Mortgage insurers continue writing new business, with members of the Mortgage Insurance Companies of America reporting $8.71 billion in new primary mortgage insurance volume for the month of October.
Overall, MICA’s member companies – Genworth, Radian and MGIC – reported a total of $418.4 billion in total primary mortgage insurance in force.
Roughly 38,900 borrowers used primary MI to buy or refinance a home in October, while the total number of mortgage applications received hit 40,716.
MICA members reported 19,730 defaults and 18,517 cures during the same time period.