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| While 2008 proved to be a dismal year for mortgage insurers, volume improved in December and appears to be headed even higher. New defaults, however, soared.Last year, mortgage insurers wrote 971,595 policies for $162.2 billion, the Mortgage Insurance Companies of America reported Friday. Volume plummeted from 1,979,074 policies for $300.1 billion during 2007.
Activity in 2008 included 966,395 traditional policies for $160.9 billion and 5,200 bulk policies written for $1.3 billion. For just December, 46,605 policies were written for $7.2 billion, climbing from 29,387 policies were written for $5.8 billion in November — which was the worst month on record since at least May 1999 based on the oldest available data. During December 2007, 143,602 policies were written for $25.8 billion MICA explained that data for Radian Guaranty was included for the first time in December’s report and will be included in future reports. Also included in December’s totals was data from AIG United Guaranty, Genworth Mortgage Insurance Corp., Mortgage Guaranty Insurance Corp., PMI Mortgage Insurance Co., Republic Mortgage Insurance Co. Traditional certificates accounted for 46,465 policies for $7.2 billion during the latest month, while there were 140 bulk policies for less than $0.1 billion. December mortgage insurance applications totaled 61,597, jumping from 39,098 reported for November. Primary insurance in force ended last year at $952.2 billion, up from $799.5 billion on Nov. 30 and $819.8 billion at the end of 2007. Primary insurance cures were 49,749 in December, rising from 43,918 in November. But primary insurance defaults also rose — soaring to 105,110 from 82,878. |
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