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M.I. Defaults Rise, New Business Declines

M.I. Defaults Rise, New Business Declines41,767 policies written in May for $6.9 billion

June 30, 2009

By staff

Mortgage insurance defaults increased and new business decreased as policies in force fell for the fifth straight month

The Mortgage Insurance Companies of America reported today that 41,767 policies were written in May for $6.9 billion. Volume fell from 45,046 policies for $7.8 billion during the previous month and 89,365 policies for $15.5 billion written 12 months earlier.

The Washington, D.C.-based trade group said the figures were based on data submitted by members AIG United Guaranty, Genworth Mortgage Insurance Corp., Mortgage Guaranty Insurance Corp., PMI Mortgage Insurance Co., Radian Guaranty and Republic Mortgage Insurance Co.

From Jan. 1 through May 31, 252,074 policies were written for $40.2 billion.

Last month’s activity included 41,687 traditional policies for $6.9 billion and just 80 bulk policies for less than $0.1 billion.

New mortgage insurance applications declined for the fourth straight month to 55,464. In April, 60,947 applications were received.

MICA said primary insurance in force ended May at $922.1 billion, down from $932.0 billion the month before. Insurance in force has declined for five consecutive months.

Primary insurance defaults increased to 87,904 from 81,171 in April and 67,967 in May 2008. Primary insurance cures fell to 52,590 from the previous month’s 58,587 and the previous year’s 40,687.

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