By the time the final tally is in, annual volume at private mortgage insurers will likely be off around 15 percent from 2009. In comparison, government mortgage insurance volume during the first 11 months of 2010 already exceeded activity for all of 2009. Still, November was the best month in the private sector since the summer of 2009.
Members of the Mortgage Insurance Companies of America issued 32,993 policies for $7.5 billion in November, more than the 31,998 policies reported for $7.0 billion a month earlier. Activity was also better than November 2009, when 21,877 polices were written for $4.9 billion.
In fact, November was the best month since July 2009’s 33,481 policies for $7.7 billion.
December’s activity is likely to hold up; new mortgage insurance applications increased to 39,531 in November from October’s 38,705.
From January through November, mortgage insurance volume added up to 285,158 policies for $61.6 billion.
Volume during the past four months has ranged from $6.4 billion to $7.5 billion. Between $68 billion and $69 billion in annual volume is likely for 2010.
Mortgage insurers generated 442,224 policies for $80.9 billion during 2009 based on MICA data.
At the private M.I. industry’s rival, the Federal Housing Administration, 1,491,233 mortgages for $275.0 billion were endorsed from Jan. 1 through Nov. 30 — already more than the 1,389,020 FHA endorsements for all of calendar 2009.
The Washington, D.C.-based association indicated that primary insurance in force was $759.2 billion at the end of November. The total came to $765.9 billion at the end of October, while it was $879.7 billion a year previous.
It was a good month for defaults.
Primary insurance defaults were 61,262, off from the prior month’s 64,450. MICA said defaults were 81,217 in November 2009.
Primary insurance cures rose to 58,015 in November from the prior months’ 56,887 and 55,437 in the same month during 2009.
