The volume of mortgages carrying private mortgage insurance on modified loans hit $75 billion in the second quarter, the Mortgage Insurance Companies of America said after analyzing data from member insurance companies.
When looking at refinancings through the Home Affordable Refinancing Program, MICA companies assisted 39,410 refinancing households with mortgage insurance carrying a combined value of $7.6 billion.
However, the share of private mortgage insurance in the HARP universe is comparatively small. According to the Federal Housing Financing Adminisration, this year alone 423,000 borrowers refinanced through HARP.
MICA mortgage insurers helped 6,979 households complete Home Affordable Modification Program loan modifications with a total value of $1.4 billion.
The firms assisted another 5,703 homeowners with modifications for a total loan volume of $1.06 billion.
And in the past three years alone, 437,144 home loans have used private mortgage insurance.
Insurance companies that submitted data for the report included Genworth Mortgage Insurance Corp., Mortgage Guaranty Insurance Corp. and Radian Guaranty Inc.
“MICA member companies support the housing recovery efforts and have been actively engaged in the HARP and HAMP programs since their inception to help responsible homeowners refinance or modify eligible mortgage loans,” the association said.
