This compares with $8.7 billion in October and $10.4 billion in November 2012. MICA includes Home Affordable Refinance Program in its definition of NIW.
MICA members received 33,372 applications in November and this is also the lowest since April 2012.
Even with lower NIW, primary insurance-in-force continues to grow. As of Nov. 30, the three MICA members (Mortgage Guaranty Insurance Corp., Radian Guaranty and Genworth) have $419.3 billion of insurance-in-force, up from $418.4 billion in October and $400.5 billion in November 2012.
The cure/default ratio for the second month in a row is above 90%, at 96.9%. In October the ratio was 93.9% while for November 2012 it was 84.3%.
There were 17,499 loans cured and 18,059 new notices of default received during November.