MICA insurance applications up 31.8% in September compared to 2009
Mortgage insurance applications rose in September for the six firms of the Mortgage Insurance Companies of America, a trade association representing the private mortgage insurance industry. According to the trade group's monthly statistical report, September applications totaled 39,846, up 0.8% from August and up 31.8% from one year ago. MICA reported the cure rate for its six member firms fell slightly. Of the 123,201 loans handled in September, 65,481 defaulted (53.1%) and 57,720 were cured (46.9%). In comparison, slightly more than 50% of loans in August defaulted, and 58,094 loans were cured. Numbers improved from September 2009 when 60.7% of loans defaulted and only 39.3% were cured. MICA reported $772.9 billion of primary insurance in force in September. Approximately $6.9 billion of that accounts for insurance written on newly originated mortgage loans, up 8.3% from August. The statistics in the September report were based on data from Genworth Mortgage Insurance Corp. (GNW), Mortgage Guaranty Insurance Corp. (MGIC), PMI Mortgage Insurance Co. (PMI), Radian Guaranty Inc. (RDN), Republic Mortgage Insurance Co. (RMIC) and United Guaranty Corp.? Write to Christine Ricciardi. Disclosure: The author holds no relevant investments.