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Report: Private Mortgage Insurance Enjoys Best Month in August

According to its monthly statistical summary for August based on data from six member firms, ""Mortgage Insurance Companies of America"":http://www.privatemi.com (MICA) reports that the companies accounted for a total of $780.3 billion in primary mortgage insurance in force for the month.

The private mortgage insurance industry enjoyed its best month of the year for new business, according to the study.

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The dollar volume of primary new insurance on newly originated conventional mortgage loans totaled $6.4 billion, and MICA's members reported that 32,215 borrowers used private mortgage insurance to buy or refinance a home in August.

Also in the report was the number of private mortgage insurance applications received in August by MICA's members - 39,503. In addition, MICA's members reported 63,882 defaults and 58,094 cures during the month.

MICA is the trade association representing the private mortgage insurance industry. Its members help loan originators and investors make funds available to homebuyers for low down payment mortgages by protecting these institutions from a major portion of the financial risk of default.

The statistics in the ""organization's August report"":http://www.privatemi.com/news/statistics/detail.cfv?id=169 include data from the following MICA member companies: Genworth Mortgage Insurance Corporation, Mortgage Guaranty Insurance Corporation, PMI Mortgage Insurance Co., Radian Guaranty Inc., Republic Mortgage Insurance Company, and United Guaranty Corporation.

About Author: Heather Cernoch

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