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Another Record Low for M.I. Business

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The dollar volume of mortgage insurance policies written fell to a new record low, but the number of policies was higher. Defaults, meantime, improved.

The Mortgage Insurance Companies of America reported today that 24,339 policies for $4.76 billion were issued during October. While the number of policies increased from 22,768 in September, the dollar volume was down from $4.83 billion to a new record low based on MortgageDaily.com’s analysis of available data back to 2000.

The figures were 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.

In October 2008, mortgage insurers issued 42,167 policies for $7.74 billion.

So far this year, 400,358 policies have been issued for $70.94 billion.

Traditional policies accounted for all of last month’s activity, and there was no bulk volume.

October applications nudged up to 31,880 from September’s 30,221.

Primary insurance in force fell to $886.1 billion as of Oct. 31 from $892.7 billion at the end of September.

Meanwhile, primary insurance defaults eased to 91,135 from September’s 92,292 — though defaults remain elevated compared to 80,071 last October.

Primary cures declined to 51,920 in October from 59,750 the prior month. A year earlier, primary cures were 43,211.

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