The nation’s mortgage insurers managed to increase new business and reduce defaults, though the runoff in their portfolios continued.
February saw 24,878 mortgage insurance policies written by members of the Mortgage Insurance Companies of America, based on data released Friday. Dollar volume worked out to $5.400 billion.
The total reflected activity from MICA members Genworth Mortgage Insurance Corp. Mortgage Guaranty Insurance Corp. and Radian Guaranty Inc.
Volume grew from 21,904 mortgages insured for $4.968 billion in January.
Business was even better than 15,079 policies endorsed for $4.274 billion in February 2011 — when activity from former MICA members PMI Mortgage Insurance Co. and Republic Insurance Co. was also included.
The improvement likely continued into March based on new mortgage insurance applications, which climbed to 26,886 in February from 24,097 a month earlier.
Primary insurance in force ended last month at $397.683 billion, down again from $399.243 billion the prior month.
Defaults fell to 24,405 from 29,348 in January. A year earlier, when PMI and Republic’s numbers were included, defaults were 48,086.
Primary insurance cures climbed to 27,694 from 23,728 and were 53,944 in February of last year.
