Mortgage Daily Logo

Mortgage Insurer Business Falls, Defaults Decline

Mortgage News

Monthly business slowed for private mortgage insurers and appears headed lower, but the dollar volume of new policies has nearly doubled over the last year. Defaults declined, and outstanding policies were higher for the sixth month in a row.

Private mortgage insurance was written on 39,220 home loans during November. The number of policies issued slipped from the prior month’s 42,833.

During the 11 months ended Nov. 30, there were 383,186 mortgages insured.

The total represents activity at members of the Mortgage Insurance Companies of America including Genworth Mortgage Insurance Corp., Mortgage Guaranty Insurance Corp. and Radian Guaranty Inc.

Business has improved over the past year. In November 2011, when volume from former MICA member Republic Mortgage Insurance Co. was also included, primary insurance was written on just 25,074 loans.

On a dollar basis, policies were written on $10.407 billion in mortgages during November, down from $11.473 billion a month earlier but nearly double the $5.568 billion written a year earlier.

Year-to-date Nov. 30 dollar volume was $95.731 billion.

Subsequent business is likely to fall even further based on new mortgage insurance applications received, which fell to 41,952 in November from 46,045 the prior month.

Insurance in force expanded to $400.462 billion from $400.016 billion as of Oct. 31. MICA members have reported growth each month since May, when primary insurance in force was $395.582 billion.

A year ago, when Republic’s total was also included, insurance in force was $471.480 billion.

MICA members reported 23,485 primary insurance defaults for November, fewer than the 24,749 in October and 35,188 in the year-earlier period.

Primary insurance cures, meanwhile, fell to 19,801 from 20,068 and were 31,420 in the same month during 2011.

Related Posts

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

There is No Such Thing as a Free House …

Over the past several years, those who service loans in the State of Washington(1) have seen a dramatic rise in the number of lawsuits in which delinquent borrowers seek to quiet title to their homes on the grounds that lenders are barred from foreclosing based on...

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

The Mortgage Graveyard 2018 Archives

The Mortgage Graveyard 2018 Archives Failed, Struggling and Acquired Mortgage-Related Companies Non-Bank Closures 3 Bank Failures (FDIC) 0 Credit Union Failures 0 Total Mortgage-Related Failures 3  

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

MBS Statistics

MBS Statistics Non-Agency Issuance 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 Private Label RMBS Issuance (S&P) $80 billion to $100 billion (est) $70 billion $34...

NewDay USA CEO Rob Posner Expects 10% Increase in 2019 Mortgage Loan Volume

Sample E-Mail

Sample E-Mail   Covering the Real Estate Finance Since 1999  Mortgage Industry News free news content | view headlines online  Advertorial Text Ad This ad includes a linked bold headline of up to 50 characters and up to 100 words of text. The ad can be...

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI