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Healthy March for Mortgage Insurers

Mortgage News

Mortgage insurance companies wrote more new business in March, while they managed to put a nice dent in defaults.

Last month, 40,893 home loans were insured for $10.054 billion, improving from the 34,665 policies written for $9.187 billion the previous month.

Business was also stronger than during the same month last year, when primary insurance was written on 30,080 mortgages for $6.733 billion.

The statistics were reported by the Mortgage Insurance Companies of America and based on activity at MICA members Genworth Mortgage Insurance Corp., Mortgage Guaranty Insurance Corp. and Radian Guaranty Inc.

Previously reported data indicates that Radian generated $6.7 billion of March’s volume, while MGIC was responsible for $2.4 billion and Genworth insured roughly $0.9 billion.

From Jan. 1 through March 31, volume from all three MICA members totaled 112,481 policies for $29.718 billion.

New M.I. applications totaled 43,278 last month, more than 36,793 received in February and an indication that April business increased.

MICA members grew their collective book of business to $402.141 billion in March from $401.302 billion a month earlier and $396.568 billion a year earlier.

The trade group reported that primary insurance defaults sank — falling to 17,298 from 21,075 in February. Defaults totaled 21,624 in March 2012.

Primary insurance cures, meanwhile, increased to 23,953 from 21,609 and were 28,026 in the same month last year.

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