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Mortgage Insurance News

Business Bad at Mortgage Insurers

$7.7 billion in October policies

December 1, 2008

By MortgageDaily.com staff

Activity sank to another low for the mortgage insurance industry and is headed even lower. Defaults, meanwhile, reach a new high.

During October, insurers wrote 42,167 policies for $7.7 billion, the Mortgage Insurance Companies of America reported today. Volume tumbled from 49,708 policies for $8.1 billion the prior month and 175,383 policies for $26.3 billion a year earlier.

October activity was the worst since at least May 1999 -- the oldest available data at MortgageDaily.com.

From January through October, 895,603 policies were written for $149.2 billion.

No bulk policies were written in October; all business was traditional.

New applications, an indicator of upcoming business, fell to 55,085 from September's 62,209. Applications were less than one-third of the level during October 2007.

Primary insurance-in-force ended October at $800.9 billion, the lowest level during the past 12 months.

Primary insurance defaults totaled 80,071 -- the highest on record. Defaults were 76,776 in September. Primary insurance cures increased to 43,211 from 41,400.

MICA based its findings on data submitted from AIG United Guaranty, Genworth Mortgage Insurance Corp., Mortgage Guaranty Insurance Corp., PMI Mortgage Insurance Co. and Republic Mortgage Insurance Co.

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