The three major private mortgage
insurers participated in the modification of 5,791 mortgages through the Home
Affordable Modification Program (HAMP) in the fourth quarter of 2012 and 6,779
loans through other modification programs.
Mortgage Insurance Companies of America, the trade association for the
industry, said that the HAMP modifications had a volume of $1.1 billion and the
other modifications $1.3 billion. The 4th
quarter volume represented a slight decrease – about 400 loans in each category
– from the third quarter but was an increase of 75 percent over activity in the
fourth quarter of 2011.
The company also participated in 45,794
mortgage refinancings in the fourth quarter, $8.8 billion in volume, compared to
46,440 loans and $9.1 billion in volume in the third quarter. The refinancings were done through the Home
Affordable Refinance Program (HARP) and other refinancing programs.
Since the programs were initiated in 2009,
MICA member companies report that the total volume of mortgages that carry
private mortgage insurance on HARP, HAMP or other modified loans reached more
than $98 billion, to benefit more than 555,505 households nationwide.
The three companies submitting data for the
MICA report are: Genworth Mortgage Insurance Corporation, Mortgage Guaranty
Insurance Corporation, and Radian Guaranty Inc.