Mortgage Insurance Companies of America (MICA), the trade group representing private mortgage insurance companies, reported Monday that its member companies wrote a total of $5.4 billion in new business during February. Policies were written on newly originated conventional mortgage loans for 24,879 borrowers (out of 26,886 applications) who bought or refinanced a home during the month. In January there was $4.97 billion in new policies written for 21,904 customers and in February 2011 new business totaled $4.2 billion for 15,079 homeowners.
There was $397.6 billion of primary mortgage insurance in force in February compared to $399.2 billion in January and $625.8 billion one year earlier. The February 2011 report included data from PMI Mortgage Insurance Company which was subsequently placed in state receivership and Republic Mortgage Company which no longer reports through MICA.
MICA members reported 24,405 mortgage defaults and 27,694 cures in February compared to 29,348 defaults and 23,728 cures in January and 48,086 defaults and 53,944 cures during the same period one year earlier.
The February MICA report includes data from Genworth Mortgage Insurance Corporation, Mortgage Guaranty Insurance Corporation, and Radian Guaranty Inc.