The number of mortgage insurance policies written improved for the fourth consecutive month as did defaults. Still, year-to-date activity is down by nearly half when compared to same time last year.
Mortgage insurers wrote 25,909 policies for $4.9 billion during May, the Mortgage Insurance companies of America reported today. Business improved from 23,608 policies issued for $4.8 billion in April, though it was worse than 41,767 policies for $6.9 billion in May 2009.
The number of polices written has increased each month since January, when 14,378 policies were issued.
So far this year, 100,972 policies were written for $22.0 billion. Last year as of May 31, year-to-date volume was 252,074 policies for $40.2 billion.
Mortgage insurance applications, which signal upcoming activity, rose to 32,360 in May from 29,948 the prior month.
Despite last month’s increased activity, primary insurance in force fell to $802.9 billion from $811.8 billion during April. Policies in force were much higher in May 2009 at $922.1 billion.
MICA said primary insurance defaults declined to 60,346 last month from April’s 60,656 and May 2009’s 87,904.
Primary insurance cures were also down, to 65,436 in May from 66,170 in April — though the latest month was still higher than 52,590 a year earlier.
The latest report included data submitted by MICA members Genworth Mortgage Insurance Corp., Mortgage Guaranty Insurance Corp., PMI Mortgage Insurance Co., Radian Guaranty Inc., Republic Mortgage Insurance Co. and United Guaranty Corp.
