While it certainly was no blockbuster month for mortgage insurers, May was the second-best month this year. But performance wasn’t so good when it came to defaults.
Mortgage insurers issued 20,032 policies for $3.9 billion last month, according to data released Thursday from the Mortgage Insurance Companies of America. Business picked up from 17,416 policies written for $3.7 billion in April but fell well short of 25,909 policies for $4.9 billion reported for May 2010.
The last time volume was this high was in January, when production was 21,896 insurance policies written for $6.5 billion.
Activity reflects data submitted by MICA members Genworth Mortgage Insurance Corp., Mortgage Guaranty Insurance Corp., PMI Mortgage Insurance Co., Radian Guaranty Inc. and Republic Mortgage Insurance Co. While volume from United Guaranty Corp. was included in the year-earlier figures, the AIG subsidiary bowed out of the reporting in February.
From Jan. 1 to May 31, volume amounted to 92,521 policies for $22.8 billion.
It looks like June’s business might be better, as new applications received climbed to 23,810 from 20,733 during April.
The collective book of business at MICA members finished May at $610.8 billion, lower than April’s $615.7 billion and way below $802.9 billion a year earlier.
Primary insurance defaults deteriorated to 44,853 from April’s 40,875. Defaults amounted to 60,346 in May 2010.
Primary insurance cures, meanwhile, dropped to 36,159 from 43,362 and were well below 65,436 in May of last year.
