Bulk Surge Boosts New-MI Total

Helped by a nearly 75% gain in the amount of bulk mortgage insurance written, total primary new mortgage insurance increased by over 12% in September, according to the Mortgage Insurance Companies of America.In September, $22.6 billion of primary insurance was written, compared with $19.3 billion the previous month. By type, traditional MI decreased during the period from $14.3 billion to $13.1 billion, while bulk increased from $4.9 billion to $8.5 billion. September was the second-best month of the year for total primary new insurance written, the third best for traditional MI, and the second best for bulk MI. New pool insurance written for the month totaled $43.4 million, with pool risk in force at the end of the quarter of $8.2 billion. The cure/default ratio for September was 72.3%, with 32,395 cures and 44,791 defaults. MICA can be found online at http://www.micanews.com.