January’s Private Mortgage Insurance Volume Down 2%

The members of the Mortgage Insurance Cos. of America wrote $10.5 billion in primary new insurance in January, down approximately 2% from $10.7 billion in December, but more than double the almost $5 billion written in January 2012. It is the seventh consecutive month that the three MICA members—Genworth, MGIC and Radian—have written more than $10 billion.

Radian previously disclosed it did $4 billion in January, while MGIC said it did $2.2 billion. However, those numbers do not include policies written for loans in the Home Affordable Refinance Program, which is included in the MICA data.

MICA member’s primary insurance in force as of the end of January increased by almost $360 million from December to $401.1 billion. This makes eight months where this measure has increased. However, the data does not include information from the three companies in run-off, Triad, PMI and RMI. Nor does it include information from active underwriters United Guaranty, Essent and CMG, which is being acquired by Arch Capital from PMI and CUNA Mutual.

January’s cure/default ratio is 87.4%, with 20,568 cures and 23,538 new default notices received. December’s ratio was 81.5%, while in January 2012 it was 80.9%, when 23,728 cures and 29,349 defaults were reported.