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5-Year High for New Mortgage Insurance Activity

Mortgage News

Despite a decline in the number of new mortgage insurance policies issued last month, the dollar volume of home loans insured reached the highest level in five years. But new business appears headed lower, and defaults deteriorated.

During June, there were 49,666 M.I. policies written for $12.291 billion. It was the highest dollar volume since July 2008, when $12.299 billion in residential loans were insured.

The prior month, 52,545 policies were written for $12.033 billion, while the year-earlier figure was 37,569 for $9.459 billion.

Mortgage Insurance Companies of America, reflects activity from MICA members Genworth Mortgage Insurance Corp., Mortgage Guaranty Insurance Corp. and Radian Guaranty Inc.

During the first-half 2013, MICA members wrote 261,085 policies for $65.414 billion.

MGIC previously reported that it insured $2.8 billion in home loans during June, while Radian wrote $4.76 billion in new policies — putting Genworth’s estimated June volume at roughly $4.7 billion.

MICA members received 52,570 M.I. applications during the most recent month, slightly fewer than the 55,535 received in May. The decline could indicate lower volume for July.

The trade group said that primary insurance in force expanded to $408.786 billion as of June 30 from $405.694 billion at the end of the previous month. The total was $395.957 billion as of June 30, 2012.

Last month’s primary insurance defaults worsened to 20,489 from 19,558 in May. But defaults were down from 24,567 in the same month last year.

Primary insurance cures fell to 16,816 from 17,372 and were 17,390 a year earlier.

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