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| Mortgage insurance volume fell last month and was off more than half from last year. But defaults improved.
Mortgage insurers issued 45,046 policies for $7.8 billion during April, data released today by the Mortgage Insurance Companies of America indicated. The prior month’s volume was 49,476 policies for $9.9 billion. The latest activity was a far cry, however, from 109,358 policies issued for $19.8 billion in April 2008. So far this year, 210,307 policies have been written for $33.3 billion. The report reflected data submitted by MICA members AIG United Guaranty, Genworth Mortgage Insurance Corp., Mortgage Guaranty Insurance Corp., PMI Mortgage Insurance Co., Radian Guaranty and Republic Mortgage Insurance Co. Traditional business was 44,972 policies for $7.8 billion last month, while bulk volume was just 74 policies for less than $0.1 billion. Business is unlikely to stray far from April’s level, with new applications of 60,947 falling within 12 percent of the prior month’s level. Primary insurance in force ended April at $932.0 billion, off from $937.1 billion the previous month but higher than $855.7 billion the previous year. The trade group said primary insurance defaults eased to 81,171 from March’s 84,042. But defaults were higher than 73,880 in April 2008. Primary insurance cures were 58,587, down from 69,931 a month earlier and 39,661 a year earlier. |
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