Private Mortgage Insurers Increase Business Activity in July

Private Mortgage Insurers Increase Business Activity in July

08/30/2013 BY: TORY BARRINGER

Private mortgage insurers reported a slight increase in activity in July.

According to data released by Mortgage Insurance Companies of America (MICA), member companies issued 50,575 policies to start the year’s second half, up from 49,666 in June and 39,192 in July 2012.

Dollar volume of primary new insurance written totaled $13.0 billion, marking the fifth straight month of gains. (Despite a decline in policies issued in June, dollar volume still saw an increase to $12.3 billion).

Total primary insurance in force was $413.0 billion as of the end of July, the companies reported.

After falling in June, the number of private mortgage insurance applications ticked up in July, climbing to 53,502—indicating another potential increase in activity in the near future.

Meanwhile, MICA members reported 21,930 defaults and 17,156 cures in July, bringing the cure-to-default ratio down to 78.2 percent—its lowest level since last September.

Statistics came from Genworth Mortgage Insurance CorporationMortgage Guaranty Insurance Corporation, and Radian Guaranty Inc.

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