The Mortgage Insurance Companies of America (MICA) says its member companies had $395.6 billion in new primary insurance in force during the month of May, which is mostly unchanged from the previous month.
In addition, the dollar volume of new primary insurance written and newly originated conventional mortgage loans hit $8.7 billion last month, MICA said. That compares to $7.1 billion in April and $6.7 billion in March. That number is close to double the amount of business during the same time last year.
MICA discovered that 35,431 borrowers used private mortgage insurance to buy or refinance homes in May. The number of private mortgage insurance applications received in May by MICA members totaled 38,355.
In addition, the number of defaults reported hit 23,687, while there also were 18,397 cures on loans insured by MICA companies.