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M.I. Business at Highest Level Since 2009

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It’s been more than three years since mortgage insurance companies have insured as much in volume as they did in June. It’s been even longer since policies in force increased.

Mortgage insurers issued 34,169 policies for $9.459 billion during June.

The last time dollar volume was that strong was in March 2009, when $9.859 billion in policies were written.

Making the improvement from 2009 even more meaningful is that June’s total reflected activity at Mortgage Insurance Companies of America members Genworth Mortgage Insurance Corp., Mortgage Guaranty Insurance Corp. and Radian Guaranty Inc. But the 2009 numbers additionally reflected volume from former MICA members PMI Mortgage Insurance Co., Republic Mortgage Insurance Co. and United Guaranty Corp.

In May, mortgage insurers generated 35,431 new policies for $8.655 billion.

Sales likely held up in July, with another 36,926 new mortgage insurance applications received during June versus the 38,355 received in May.

A year earlier, when data for PMI and Republic was still included, 24,161 policies were written for $4.769 billion.

From Jan. 1 through July 31, mortgage insurers wrote 177,038 policies for $42.329 billion.

June finished with $395.957 billion primary insurance in force, rising from $395.582 billion as of May 31. It was the first increase since December 2008, when the number stood at $952.296 billion, and that increase was only due to the addition of Radian’s data in December 2009.

Primary insurance in force was $606.261 billion as of June 30, 2011.

June’s primary insurance defaults worsened to 24,567 from 23,687 a month prior. Defaults numbered 45,573 in June 2011, though the older figure additionally reflects activity at PMI and Republic.

Primary insurance cures were down to 17,390 from the prior month’s 18,397 and were 38,753 during the same month last year.

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