The members of the Mortgage Insurance Cos. of America wrote $8.7 billion in primary new insurance during May, compared with $7.1 billion in April and $3.9 billion for May 2011.
Only three of the five active private MI underwriters belong to MICA right now (United Guaranty and Essent are not members). Last May’s data include production from two other underwriters, PMI and RMIC, which are now in runoff.
May’s application volume was 38,355, up from April’s 33,013 and May 2011’s 23,910.
The cure/default ratio was 77.7%, with 18,397 cures and 23, 687 defaults. In April, the ratio was 91.6%, with 20,678 cures and 22,569 defaults. May 2011’s ratio was 80.6% with 36,159 cures and 44,853 defaults reported by the MICA members at that time.