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M.I. Volume Sinks to New Low

Mortgage News

After falling to the lowest level on record, the monthly volume of mortgage insurance policies issued dropped again and is poised for a further decline. Meanwhile, defaults increased and primary insurance in force decreased.

During September, mortgage insurers issued 22,768 policies for $4.8 billion dollars, the Mortgage Insurance Companies of America reported today. It was the lowest level of activity since at least 2000 based on an analysis of data by MortgageDaily.com.

The findings were based on data submitted by MICA members 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.

Volume was down from 25,183 policies for $5.8 billion in August and 49,708 policies for $8.1 billion a year earlier.

From January through September, mortgage insurers issued 376,019 policies for $66.2 billion.

Last month’s activity included 22,710 traditional policies for $4.8 billion and 58 bulk policies for less than $0.1 billion.

New applications received by the mortgage insurance firms fell to 30,221 from August’s 35,358 — suggesting a further decline is ahead.

Primary insurance in force as of Sept. 30 was $892.7 billion, falling from $900.8 billion 30 days earlier.

Primary insurance defaults edged up to 92,292 from August’s 91,854 and September 2008’s 76,776.

September saw 59,750 primary insurance cures, more than 52,939 the previous month and 41,400 the previous year.

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