Mortgage Daily Logo
mortgage news from industry experts

Record Mortgage Insurance Defaults

Record Mortgage Insurance Defaults$7.1 billion in new M.I. policies issued during January

March 2, 2009

By staff

Business at mortgage insurers held up in January and may strengthen. But mortgage insurance defaults climbed to the highest level on record.In January, 59,569 mortgage insurance policies were written for $7.1 billion, data released from the Mortgage Insurance Companies of America Friday indicated. All of the activity was traditional; no bulk policies were issued.

During December, 46,605 policies were issued for $$7.2 billion. A year earlier, volume was 127,338 policies for $22.2 billion.

New applications rose to 76,130 in January from 61,597 a month earlier — suggesting business may pick up.

Primary insurance in force dipped to $949.3 billion on Jan. 31 from $952.2 billion as of Dec. 31, 2008.

Primary insurance defaults continued to climb — reaching 106,484 in January. December’s defaults were 105,110 and defaults were 68,950 a year earlier.

Defaults have not been this high since at least 1999 — the oldest data available.

Primary insurance cures were 51,093 in January, rising from 49,749 in December and 35,468 in January 2008.

MICA based January’s report on data submitted by AIG United Guaranty, Genworth Mortgage Insurance Corp., Mortgage Guaranty Insurance Corp., PMI Mortgage Insurance Co., Radian Guaranty and Republic Mortgage Insurance Co.

next story

back to current headlines

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...


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

Related Posts