For the fifth month in a row mortgage insurers issued a higher number of policies. But insurance in force continued to diminish — falling below $800 billion — and defaults rose 9 percent.
Last month, 28,160 certificates were issued for $5.9 billion, the Mortgage Insurance Companies of America reported today. Business was better than 25,909 policies for $4.9 billion during May. The number of new policies has increased each month since January.
But insurance policies issued during June 2009 were higher at 42,513 policies for $7.7 billion.
Year-to-date June 30, mortgage insurers wrote 129,132 policies for $27.9 billion.
July is poised for further improvement, with 34,342 applications received in June compared to 32,360 in May. Applications have strengthened each month since January.
Primary insurance in force continued its downward spiral — falling to $793.1 billion at the end of last month. The total was $802.9 billion on May 31 and $915.1 billion on June 30, 2009.
Primary insurance defaults — which had fallen each month since January — increased to 65,792 in June from 60,346 a month earlier. But defaults were still better than 88,362 during the same month last year.
Primary insurance cures fell to 60,337 from May’s 65,436 and June 2009’s 51,908.
The trade group said its statistics reflected 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.
