Gap Widens Between PMI Cures And Defaults

Members of the Mortgage Insurance Companies of America (MICA) reported 68,862 defaults versus 56,086 cures in July, which widens the gap between cures and defaults. In June, MICA member companies reported 65,792 defaults and 60,337 cures.

In total, nearly $787.79 in primary insurance was in force last month, MICA says. The dollar volume of primary new insurance written on newly originated conventional mortgage loans in July totaled about $5.79 billion.

The number of private mortgage insurance applications received last month by MICA's members totaled 32,829. Members also reported that 26,266 borrowers used private mortgage insurance to buy or refinance a home in July.

The statistics in this month's summary cover data from Genworth Mortgage Insurance Corp., Mortgage Guaranty Insurance Corp., PMI Mortgage Insurance Co., Radian Guaranty Inc., Republic Mortgage Insurance Co. and United Guaranty Corp.

SOURCE: Mortgage Insurance Companies of America

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