MICA Reports $766B Of Privately Insured Mortgages In October

Mortgage Insurance Companies of America (MICA) member companies reported more than $765.85 billion in primary insurance in force in October, with the dollar volume of primary new insurance written on newly originated conventional mortgage loans last month totaling $6.96 billion.

Nearly 32,000 borrowers used private mortgage insurance to buy or refinance a home last month, down slightly from 32,554 borrowers one month earlier. MICA members received 38,705 private mortgage insurance applications.

The number of defaults reported by mortgage insurers last month topped the number of cures, 64,450 to 56,887, resulting in a cure-to-default ratio of 88.3%.

SOURCE: Mortgage Insurance Companies of America


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