The dollar volume of mortgage insurance written last month increased as defaults decreased.
Mortgage insurers wrote 21,877 policies for $4.9 billion during November, data released today from the Mortgage Insurance Companies of America indicated. A month earlier, 24,339 policies were written for $4.8 billion. Volume was down from 29,387 policies for $5.8 billion in November 2008.
Between Jan. 1 and Nov. 30, there were 422,235 mortgage insurance policies issued for $75.8 billion.
The figures were based on statistics reported 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.
December’s business can be expected to fall based on 28,140 new applications received in November compared to 31,880 a month earlier.
Primary insurance in force as of Nov. 30 was $879.7 billion, falling from $886.1 billion on Oct. 31.
MICA said primary insurance defaults fell for the second consecutive month to 89,772 from October’s 91,135. But defaults remain elevated above 82,878 a year ago.
Primary insurance cures, meanwhile, climbed to 55,437 from 51,920 in October and 43,918 in November 2008.