MICA: New MI Above $10 Billion for Fifth Month in a Row
November is the fifth consecutive month where the members of the Mortgage Insurance Cos. of America did over $10 billion of new insurance written, at $10.4 billion. This compares to $11.4 billion in October and $5.6 billion in November 2011. This includes HARP refinances.
The three MICA members—MGIC, Radian and Genworth—ended the month with $400.5 billion of primary insurance-in-force. This makes six months of growth in this category.
The figures do not include data from active underwriters United Guaranty or Essent, nor from Republic Mortgage Insurance Co., or PMI both in run-off. Triad was recently placed in rehabilitation by its regulators in Illinois.
November’s cure/default ratio was 84.3%, with 19,801 new cures and 23,485 new notices of default reported. For October, the ratio was 81.1% while in November 2011 it was 89.3%.