August 3rd-Best Month for MIs

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.