Boosted by the highest volume of 2006 for traditional primary new mortgage insurance written, August ranked as the third-best month of the year for the private mortgage insurers.According to the Mortgage Insurance Companies of America, the member companies of the trade group wrote $19.3 billion of primary new insurance during the month, up from $17.4 billion in July. In August 2005, the total stood at $22.2 billion. In August, the firms wrote $14.3 billion in traditional MI, surpassing the $14.1 billion recorded in June, while bulk insurance increased from $4.7 billion to $4.9 billion. Application volume increased from 116,906 in July to 135,689 in August, and new pool risk written rose from $26.9 million to $40.7 million. The cure/default ratio improved from 69.8% to 74.4%. MICA can be found online at http://www.micanews.com.
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Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.
6h ago -
The CFPB has dissolved the Office of Supervision, Enforcement and Fair Lending and eliminated the job of associate director in a move that impacts how it designates nonbanks for supervision.
7h ago -
The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
10h ago -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
11h ago -
Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
April 17 -
Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
April 16