Lending

Private mortgage insurers write $7.1 billion in new business
By Kerri Ann Panchuk
 • May 31, 2012 • 11:21am

Mortgage insurers represented by the Mortgage Insurance Companies of America wrote $7.1 billion in new primary mortgage insurance in April, up from $6.7 billion in March.

That's almost double the $3.7 billion in new mortgage insurance written during the same month a year earlier.

The number of primary mortgage insurance contracts in force in April hit $395.7 billion.

MICA members, which include Genworth Mortgage Insurance Corp. ($10.48 -0.3%), MGIC ($6.02 -0.3%) and Radian Guaranty ($13.27 -0.46%), reported that 30,575 borrowers used private mortgage insurance when buying a home or refinancing a mortgage in April.

The companies received a total of 33,013 mortgage insurance applications during the same month.

MICA members recorded 22,569 loan defaults and 20,678 loan cures in April.

kpanchuk@housingwire.com

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