Mortgage insurers wrote fewer monthly policies, but the dollar-volume was higher. Defaults, meanwhile, deteriorated.
Mortgage insurance policies issued in November totaled $5.6 billion. That worked out to 25,074, policies.
The activity represents business from members of the Mortgage Insurance Companies of America including Genworth Mortgage Insurance Corp., Mortgage Guaranty Insurance Corp., Radian Guaranty Inc. and Republic Mortgage Insurance Co.
Dollar volume issuance increased from $5.1 billion in October. But the number of November policies written was down from the prior month’s 26,293.
During the 11 months ended Nov. 30, MICA members issued 243,152 policies for $53.8 billion. However, data prior to February also includes United Guaranty Corp., which is still writing new business, while data prior to September includes PMI Mortgage Insurance Co., which has ceased insuring mortgages.
November 2010 volume, including United Guaranty and PMI, was 32,993 policies for $7.5 billion.
Business might have weakened during December, with M.I. applications edging down to 27,970 in November from 29,508 in October.
MICA members had a collective $471.5 billion primary insurance in force, falling from $474.3 billion a month earlier.
Primary insurance defaults increased to 39,279 from October’s 37,547. Primary insurance cures climbed to 33,964 from 29,871.
