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M.I. Business Continues to Weaken

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For the fourth consecutive month, mortgage insurers wrote less new business. Business hasn’t been this slow since early 2012.

Members of the Mortgage Insurance Companies of America wrote 30,798 policies for $7.491 billion during November.

Activity subsided from 38,908 policies issued for $8.710 billion during the prior month.

MICA previously reported 39,220 home loans were insured for $10.407 billion during November 2012.

New business has been slower each month since July, a month that saw 50,575 loans insured for $13.038 billion.

The last time MICA volume was at this level was in April 2012, when 30,575 policies were issued for $7.110 billion.

Radian Guaranty Inc. previously reported that it wrote $3.0 billion in new business during November. At MGIC Guaranty Insurance Corp., $2.2 billion in mortgages were insured.

That put November activity at fellow MICA member Genworth Mortgage Insurance Corp. at around $2.3 billion.

Year-to-date Nov. 30, volume at all three MICA members was 464,918 policies for $115.883 billion.

Primary insurance in force for all three MICA members ended November at $419.343 billion. The total was $418.410 billion a month earlier, while it was $400.462 billion at the same point in 2012.

Primary insurance defaults were down to 18,059 during the latest month from 19,730 in October and 23,485 in November 2012.

Primary insurance cures declined to 17,499 from 18,517 a month earlier and 19,801 a year earlier.

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