The Mortgage Insurance Companies of America (MICA) has released its monthly statistical report for June, with member companies reporting a total of approximately $793 billion in primary insurance in force for the month.
The number of defaults reported by mortgage insurers outstripped the number of cures last month 65,792 to 60,337, making June the first month since January when the cure-to-default ratio fell below 100%. In May, the cures totaled 65,436, and defaults totaled 60,346.
In total, MICA's members reported that 28,160 borrowers used private mortgage insurance to buy or refinance a home in June.
The statistics in this month's report include 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.