New Mortgage Insurance Written Increases 2.7% in December
The members of the Mortgage Insurance Cos. of America had their third best month of 2012 in terms of new insurance written during December, finishing the month with volume of $10.7 billion, up from $10.4 billion in November and $5.8 billion for December 2011.
MICA data include HARP refinancings. Only three of the five active underwriters belong to the group—MGIC, Radian and Genworth. United Guaranty and Essent are not members, nor is National MI, which recently received approval from Fannie Mae and Freddie Mac and should start underwriting policies in the second quarter of this year.
However, the MIs near-term future business outlook is not as rosy. For the first time since May, the number of new applications received fell under 40,000 to 38,915.
Primary insurance-in-force continued to grow, to $400.7 billion from $400.46 billion in November. But the insurance-in-force or cure/default data includes any information from Triad, PMI or RMIC.
There were 20,048 new cures and 24,585 new notices of default received during December, for a ratio of 81.5%. November’s ratio was 84.3%, while in December 2011, the ratio was 70.9%.