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Items Tagged with 'MICA'

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Insured Defaults up 10%

[Update 1: includes clarification of Radian's influence on year-on-year figures] Defaults on privately insured US mortgages are up nearly 10% percent from one year ago. However, defaults fell more than 3% in April from March, by way of comparison. It marked the third consecutive month of decline in primary insurance defaults, since the 106,482 defaults seen in January. After falling more than 6% in March from February, primary insurance defaults slipped to 81,171 in April, according to data released Friday by the Mortgage Insurance Companies of America (MICA).
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Mortgage Insurers See Applications Fall in June

A combination of tighter underwriting guidelines and weakening borrower demand helped push the number of applications for mortgage insurance received by members of the Mortgage Insurance Companies of America, an industry trade group, to their lowest level on record in June. Insurers received just 90,896 applications during the month, less than half of year-ago totals, and roughly 17 percent below the number of applications received in May, according to a press statement.
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Insured Defaults Up 37 Percent in March

Borrowers with mortgage insurance fell more than 60 days behind on their mortgage payments at an increased pace in March, with the number of primary insurance defaults up 37 percent last month relative to year-ago numbers. The Mortgage Insurance Companies of America, a trade group comprised of most of the major private mortgage insurers, said earlier this week that 58,131 defaults were recorded in March, up from 42,362 one year earlier.
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