Private mortgage insurers saw a 75% year-over-year increase in the volume of loans with private mortgage insurance that were either refinanced or modified during the fourth quarter of 2012.
MICA data shows growth in the number of loans with private mortgage insurance that have received a refi or modification either through proprietary programs or through the government's Home Affordable Refinance Program and Home Affordable Modification Program.
The total volume of privately insured loans that have either been modified or refinanced over the past four years reached $98 billion in the fourth quarter. This equates to 555,505 households receiving some type of modification or refinancing.
MICA companies helped 45,974 households refinance through HARP in the fourth quarter of 2012, totaling $8.8 billion in volume.
HAMP activity has steadily decreased since the first quarter of 2012. MICA helped 5,791 households complete HAMP loan modifications in the fourth quarter, with a total volume of $1.1 billion, compared to 7,224 in the third quarter.