""Mortgage Insurance Companies of America"":http://www.privatemi.com/index.cfm (MICA), an association of private mortgage insurers, reported Monday that since 2009, its members have insured $86.9 billion in mortgages modified or refinanced through the Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP) as well as in mortgages modified through other means.[IMAGE]
The $86.9 billion is distributed among 496,961 homes across the nation.[COLUMN_BREAK]
MICA members insured 6,143 mortgages receiving HAMP modifications during the third quarter of this year. The total value of HAMP loans insured amounts to about $1.1 billion.[COLUMN_BREAK]
Additionally, private insurers who are members of MICA have assisted another 7,234 homeowners in receiving loan modifications that are not part of the HAMP or HARP programs. In this category, the insurers have backed about $1.4 billion in loans over the third quarter of this year.
MICA members have also insured 46,440 homeowners who refinanced their loans through HARP during the third quarter. These loans total about $9.05 billion.
MICA reports its third quarter data consists of data from ""Genworth Mortgage Insurance Corporation"":http://mortgageinsurance.genworth.com/, ""Mortgage Guaranty Insurance Corporation"":http://www.mgic.com/, and ""Radian Guaranty Inc"":http://www.radian.biz/page?name=HomePage.
In total, the dollar volume of insurance written by these companies for loans qualifying for HAMP, HARP or other modifications during the third quarter of this year reached about $11.6 billion, up 62 percent from the third quarter of last year. Loan volume was roughly 59,817 during the quarter.
Since HAMP and HARP were initiated in 2009, MICA members have insured 127,516 HAMP loans, 217,109 HARP loans, and 152,336 other modified loans, amounting to nearly 500,000 modified and refinanced loans overall.