Mortgage insurers wrote fewer policies last month, and next month looks to be headed even lower. But the numbers have been distorted by the suspension of business at one insurer and the exclusion of data from another.
The Mortgage Insurance Companies of America reported Monday that 24,885 certificates were issued during September. Business fell from the prior month’s 27,301 policies.
Volume was much heavier in September 2010, when 32,554 policies were issued.
On a dollar-volume basis, mortgage insurers wrote $4.9 billion in policies last month, falling from August’s $5.7 billion. The year-earlier volume was $7.0 billion.
Year-to-date Sept. 30 volume totaled 191,785 policies written for $43.1 billion.
MICA said that its members — Genworth Mortgage Insurance Corp., Mortgage Guaranty Insurance Corp., Radian Guaranty Inc. and Republic Mortgage Insurance Co. — received 27,939 new M.I. applications during September, down from 30,702 a month earlier.
Primary insurance in force plummeted to $477.2 billion from $598.6 billion in August. However, the drop was primarily the result of PMI Mortgage Insurance Co.’s exit from the market. A year earlier, when United Guaranty Corp.’s numbers were included, outstanding policies amounted to $772.9 billion.
Primary insurance defaults fell to 38,719 from 48,187 and were lower than 65,481 in September 2010. But the numbers are distorted by the elimination of United Guaranty and PMI from MICA’s data.
Primary insurance cures sank to 31,129 from the 39,627 a month earlier and 57,720 a year earlier.
