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M.I. Volume Turns Higher

M.I. Volume Turns Higher$7.7 billion in June policies written

July 31, 2009

By MortgageDaily.com staff

As delinquency deteriorated and new quarterly activity declined, monthly business at the nation’s mortgage insurer’s improved.

Second-quarter mortgage insurance volume was 129,326 policies for $22.5 billion, data reported today by the Mortgage Insurance Companies of America indicated. Volume tumbled from 165,261 policies for $25.5 billion during the first quarter and 273,502 policies for $49.0 billion in the second quarter of last year.

But during June, activity climbed to 42,513 policies for $7.7 billion from May’s 41,767 policies written for $6.9 billion. Still, volume tumbled from June 2008, when 74,779 policies were written for $13.7 billion.

Last month’s activity included 42,342 traditional policies written for $7.6 billion and 171 bulk policies for less than $0.1 billion.

Upcoming activity will likely increase with the number of applications having increased to 56,271 in June from 55,464 in May. New applications, however, sat well below 90,896 a year ago.

The report was based on data submitted by MICA members Genworth Mortgage Insurance Corp., Mortgage Guaranty Insurance Corp., PMI Mortgage Insurance Co., Radian Guaranty Inc., Republic Mortgage Insurance Co. and United Guaranty Corp.

Primary policies in force ended June at $915.1 billion, lower than $922.1 billion one month earlier and $937.1 billion three months earlier. But outstanding policies were higher than $863.1 billion a year ago.

Primary insurance defaults edged higher to 88,362 from May’s 87,904 and jumped from 67,908 in June 2008. Primary insurance cures were 51,908 last month, lower than 52,590 the previous month but higher than 43,214 the previous year.

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