The business of insuring residential loans slowed somewhat on a month-over-month basis but has substantially strengthened over the past 12 months. Defaults declined from a month earlier and a year earlier.
February saw 34,665 mortgages insured by members of the Mortgage Insurance Companies of America. That worked out to $9.187 billion in home loans.
Business slumped from the previous month, when 36,923 loans were insured for $10.477 billion.
So far during 2013, MICA members Genworth Mortgage Insurance Corp., Mortgage Guaranty Insurance Corp. and Radian Guaranty Inc. have written 71,588 policies for $19.664 billion.
Insurers have propped up business since the same month last year, when just 24,879 loans were insured for $5.400 billion.
Business during March likely wasn’t much different than February based on the 39,571 applications received in January versus December’s 38,915 applications. The two-month lag was used based on the 50-day processing time for all mortgage originations reported by Ellie Mae.
April activity is likely to slow based on February applications, which fell to 36,793.
Primary insurance in force finished February at $401.302 billion, expanding from $401.055 billion as of Jan. 31. The MICA book has increased each month since May 2012, when primary insurance in force was $395.582 billion.
At the same point in 2012, outstandings totaled $397.683 billion.
Primary insured defaults numbered 21,075 at the end of February, fewer than the 23,538 at the end of the prior month and 24,405 as of Feb. 29, 2012.
Primary insurance cures climbed to 21,609 from 20,568 and were 27,694 one year earlier.
