Mortgage Daily Logo

Mortgage Insurers Turn in Weak Performance

Mortgage News

Mortgage insurers issued fewer policies last month, though the dollar volume rose. Business for all 12 months worsened from 2009, and a monthly deterioration in defaults was noted.

The number of mortgage insurance policies issued during December declined to 31,879 from November’s 32,993, data released Monday by the Mortgage Insurance Companies of America indicated. But the dollar volume of policies written rose to $8.6 billion from the $7.5 billion issued a month earlier.

Statistics were derived from data submitted by MICA members Genworth Mortgage Insurance Corp., Mortgage Guaranty Insurance Corp., PMI Mortgage Insurance Co., Radian Guaranty Inc., Republic Mortgage Insurance Co. and United Guaranty Corp.

Activity this month might have eased based on new mortgage insurance applications, which fell to 37,140 from November’s 39,531.

Closed business was better than in December 2009, when mortgage insurers wrote just 19,989 policies for only $5.1 billion.

The industry generated 337,026 policies for $75.3 billion during all of 2010, stepping back from 442,224 policies issued for $80.9 billion in 2009.

But the 7 percent annual decline in dollar volume was not as bad as the 17 percent drop reported by the Federal Housing Administration for calendar 2010.

During 2010, around $1.525 trillion in residential mortgages were closed by all lenders, compared to around $1.970 originated during 2009. Based on those figures, FHA market share increased to around 20 percent last year from roughly 19 percent in 2009. Private mortgage insurers’ market share grew to 5 percent from 4 percent.

Primary insurance in force descended to $753.0 billion from $759.2 billion at the end of November. On Dec. 31, 2009, the balance stood at $863.4 billion.

Primary insurance defaults were worse — rising to 63,519 in December from the previous month’s 61,262. Defaults were better, however, than 85,603 reported for the final month of 2009.

Meanwhile, primary insurance cures dropped to 50,707, MICA said, from 58,015 a month earlier and 61,032 a year earlier.

Related Posts

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

There is No Such Thing as a Free House …

Over the past several years, those who service loans in the State of Washington(1) have seen a dramatic rise in the number of lawsuits in which delinquent borrowers seek to quiet title to their homes on the grounds that lenders are barred from foreclosing based on...

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

The Mortgage Graveyard 2018 Archives

The Mortgage Graveyard 2018 Archives Failed, Struggling and Acquired Mortgage-Related Companies Non-Bank Closures 3 Bank Failures (FDIC) 0 Credit Union Failures 0 Total Mortgage-Related Failures 3  

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

MBS Statistics

MBS Statistics Non-Agency Issuance 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 Private Label RMBS Issuance (S&P) $80 billion to $100 billion (est) $70 billion $34...

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

Sample E-Mail

Sample E-Mail   Covering the Real Estate Finance Since 1999  Mortgage Industry News free news content | view headlines online  Advertorial Text Ad This ad includes a linked bold headline of up to 50 characters and up to 100 words of text. The ad can be...

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI