October Mortgage Insurance Activity Increases

Mortgage Insurance Companies of Americarn(MICA), the trade group representing the largest private mortgage insurancern(PMI) companies has issued a statistical report of PMI activities for the monthrnof October.  </p

Memberrncompanies which include Genworth Mortgage Insurance Corporation, MortgagernGuaranty Insurance Corporation, Radian Guaranty, and Republic Mortgage Company,rnwrote policies during the month covering $5,149 million in conventionalrnmortgage loans, an increase of 223.2 million over the value of policies writtenrnin September.  The policies coveredrn26,293 borrowers, up from 24,885 in September, and were the result of 29,508rnapplications filed.  There were a reportedrn37,547 defaults and 29,871 cures in October.</p

The memberrncompanies have $474,278 million in primary insurance in force in October, downrnfrom $477,186 million in September. rnPrior to September when the company was seized by Arizona regulators andrnsubsequently filed bankruptcy, PMI Corporation was included in MICArnstatistics.  In August the totalrninsurance in force among members including PMI was $598,641million.</p

Privaternmortgage insurance is required by lenders when the downpayment on arnconventional mortgage is less than 20 percent of the loan amount.  PMI protects and reimburses the lender in therncase of a default by the borrower.</p

All Content Copyright © 2003 – 2009 Brown House Media, Inc. All Rights Reserved.nReproduction in any form without permission of MortgageNewsDaily.com is prohibited.