Mortgage Insurance Companies of America (MICA) has released its monthly statistical report for October, showing continued strength in the total dollar amount of insurance in force.
‘Mortgage insurers play a vital role in sustaining the housing market,’ says Suzanne C. Hutchinson, executive vice president of MICA. "Mortgage insurers have a stake in each borrower's ability to repay their privately insured home loan over the long term, and they work with lenders to keep borrowers current and avoid foreclosure."
The MICA report, based on member responses, found that in October, the dollar volume of primary new insurance written on newly originated conventional mortgage loans totaled $7.74 billion, 42,167 borrowers used private mortgage insurance to buy or refinance a home, the number of private mortgage insurance applications received totaled 55,085, and 80,071 defaults and 43,211 cures occurred.
The statistics in this month's report include data from the following MICA member companies: AIG United Guaranty, Genworth Mortgage Insurance Corp., Mortgage Guaranty Insurance Corp., PMI Mortgage Insurance Co. and Republic Mortgage Insurance Co.
SOURCE: MICA
