MI Numbers Hit Record Low

The dollar volume of primary new mortgage insurance written and the number of applications received both hit new lows for the year in July, according to data provided by the Mortgage Insurance Cos. of America. Total primary new insurance written for the month was $12.3 billion (all but $31 million through the traditional channel), a decline from June's $13.7 billion, which had been the low point. Application volume fell from 90,868 in June to 86,734 in July. July's data, according to MICA does not include Triad Guaranty Insurance Corp., which went into run-off during the month. It also does not include Radian Guaranty, which is not a member of the group. Primary insurance in force is $801.6 billion down from $863 billion, but the decline is due to Triad's removal. The cure/default ratio fell from 63.6% to 57.0%, with 39,229 cures and 68,831 defaults. New pool risk written in July was $31.9 million, compared with $30.1 million in June.