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M.I. Business Holds Up

Mortgage News

The number and volume of mortgage insurance policies written last month edged higher but has nearly doubled over a year earlier. Similarly, defaults were barely changed but have fallen by nearly half over the past 12 months.

Mortgage insurers wrote 30,575 new policies in April for $7.1 billion.

The prior month, business amounted to 30,080 policies for $6.7 billion.

The slight improvement reflects activity at members of the Mortgage Insurance Companies of America including Genworth Mortgage Insurance Corp., Mortgage Guaranty Insurance Corp. and Radian Guaranty Inc.

May production is likely to come in around the same as April based on new mortgage insurance applications, which edged up to 33,013 from 32,540 in March.

In April 2011 — when data also included business from PMI Mortgage Insurance Co. and Republic Mortgage Insurance Co. — just 17,416 policies were written for $3.7 billion.

Policies from United Guaranty, a major player in the industry, are not reflected in the numbers.

So far this year, MICA members have generated 107,438 new policies for $24.211 billion.

MICA said that its member’s primary insurance in force totaled $395.7 billion, continuing the runoff from March’s $396.6 billion. Outstanding policies were $615.7 billion during the same month last year, though the figure is distorted by the inclusion of MGIC and Republic.

Primary insurance defaults deteriorated, rising to 22,569 last month from March’s 21,624. The year-earlier number was 40,875.

Primary insurance cures fell to 20,678 from 28,026 and were 43,362 in April of last year.

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