Bulk Dropoff Causes Decline in Private MI

While traditional primary new insurance had its third-best month of the year in October, a decline in the bulk category resulted in a month-to-month drop of 13% in total primary new mortgage insurance written, according to data from the Mortgage Insurance Cos. of America.Total primary new insurance written amounted to $18.8 billion, down from $21.6 billion in September. Traditional primary new insurance written increased to $13.5 billion from $13.1 billion the previous month. The only better months for the traditional category were August and June. Application volume was 129,612, down 5% from September. New pool risk written in October totaled $31.0 million, down from $43.4 million in September. The cure/default ratio was 71.8% for the month, down from 72.3% the previous month. There were 33,163 cures and 46,217 defaults in October. MICA can be found online at http://www.micanews.com.