New Mortgage Insurance Written Increases for Fifth Month

There was $12.3 billion of primary new insurance written in June, making five months in a row where there has been an increase, according to statistics from the Mortgage Insurance Cos. of America.

Furthermore, primary insurance-in-force increased by $3 billion during the month, compared with a $1.8 billion increase between April and May.

Only three of the industrys underwriters are members of MICA: MGIC, Radian and Genworth. MICA numbers also include HARP volume as NIW, where individual company data typically do not.

MICA members did $12 billion in May and $9.4 billion in June 2012. Primary risk-in-force is now $408.8 billion, up from Mays $405.7 billion.

Applications received fell to 52,570 from 55,535 in May.

The cure/default ratio for June is 82.1%, with 16,816 cures and 20,489 new notices of default. Mays ratio was 88.8% and June 2012s was 70.8%.

Article source: http://www.nationalmortgagenews.com/dailybriefing/New-Mortgage-Insurance-Written-Increases-1037903-1.html

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