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M.I. Activity Up 3 Consecutive Months

Mortgage News

The volume of mortgage insurance business has risen each of the past three months. But the streak is likely to be broken in the next report.

Mortgage insurance written by members of the Mortgage Insurance Companies of America was higher for the third consecutive month, the trade group reported. Volume was 22,917 policies for $4.9 billion in July

The previous month’s volume was 24,161 policies for $4.8 billion, while MICA members wrote 26,266 policies for $5.8 billion in July 2010.

Year-to-date mortgage insurance activity added up to 139,599 policies for $32.5 billion.

Volume includes activity at MICA members Genworth Mortgage Insurance Corp., Mortgage Guaranty Insurance Corp., PMI Mortgage Insurance Co., Radian Guaranty Inc. and Republic Mortgage Insurance Co.

New M.I. applications slipped to 26,723 from 28,214 in June, suggesting that business diminished in August.

Likely to impact upcoming volume is PMI’s recent exit from the business.

At $601.7 billion, primary insurance in force ended July lower than $606.3 billion in June. The balance was way down from $787.8 billion in July 2010 — though that total included United Guaranty Corp., which was excluded beginning in February.

Primary insurance defaults climbed to 48,758 in July from 45,573 a month earlier. But defaults were down from 68,862 a year earlier.

Primary insurance cures fell to 35,905 from June’s 38,753 and July 2010’s 56,086.

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