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M.I. Business Deteriorates

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Compared to last year, mortgage insurance firms are writing half as many new policies. At the same time, defaults have grown by more than a third.

Mortgage insurers wrote 33,481 policies in July for $7.6 billion, the Mortgage Insurance Companies of America reported today. Volume declined from 42,513 policies for $7.7 billion during June and was down by half from a year earlier when 70,725 policies were issued for $12.3 billion.

The report was based on 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.

July business included 33,474 traditional policies for $7.5 billion and seven bulk policies for less than $0.1 billion.

From Jan. 1 through July 31, insurers wrote 328,068 policies for $56.5 billion.

July applications of 44,532 fell from June’s 56,271, MICA said.

Primary insurance in force ended July at $906.1 billion, off from $915.1 billion a month earlier but above $801.6 billion a year earlier.

Primary insurance defaults rose to 94,571 from 88,362 in June and 68,831 in July 2008. Primary insurance cures also increased, to 53,399 in July from 51,908 the previous month and 39,229 the previous year.

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