MICA writes $5.6 billion in new mortgage insurance in November
The Mortgage Insurance Companies of America said member insurers wrote $5.6 billion in new business in November on newly originated conventional home loans, up from $5.1 billion in October. The member companies — including Genworth Mortgage Insurance (GNW), Mortgage Guaranty Insurance Corp. (MTG), Radian Guaranty Inc. (RDN) and Old Republic Mortgage Insurance Co. (ORI) — had $471.4 billion in primary insurance in force in November. The number of total applications received for private mortgage insurance during the month hit 27,970. Meanwhile, private insurers said they had 39,279 defaults during November with 33,964 troubled mortgages cured during the month. Write to Kerri Panchuk.