|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.
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.
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