MI Cure Ratio Improves
The Mortgage Insurance Companies of America, Washington, reported that the number of defaults continued to exceed cures for the eighth consecutive month in November of last year.
Members of the industry trade association saw 43,050 defaults in November, down about 5% from the October number.
Primary insurance cures increased from 33,532 in October to 36,237 in November.
MICA's membership includes all of the major mortgage insurers except Radian Guaranty. Still, that represented improvement over the month of October, because the number of "cures" also increased sharply in Nov. The cure to default ratio to 84.2% from 73.9% in October. However, it has been eight months since MICA reported a month when cures exceeded defaults.
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