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M.I. Business Higher$8.5 billion in policies written during February

March 31, 2009

By staff

Mortgage insurers wrote more business last month as defaults retreated from January’s record level.During February, 56,216 policies were written for $8.5 billion, the Mortgage Insurance Companies of America reported today.

Activity increased from 59,569 mortgage insurance policies for $7.1 billion in January but was less than half of the 139,077 policies issued for $19.2 billion in February 2008.

The trade group’s figures were derived from 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.

So far this year, 115,785 policies have been written for $15.6 billion.

February activity included just six bulk policies for less than $0.1 billion.

New mortgage insurance applications received last month totaled 73,109, down from 76,130 in January.

MICA said primary insurance in force was $944.9 billion in February, down from $949.3 billion in January but higher than $839.6 billion 12 months earlier.

Primary insurance defaults declined to 89,722 from January’s record 106,484. In February 2008, there were just 60,911 defaults.

Primary insurance cures reach 67,767 during February, jumping from 51,093 the previous month and 47,933 the previous year.

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