In February, mortgage insurers underwrote $26 billion of new, primary MI coverage and the performance of existing policies improved, according to the Mortgage Insurance Cos. of America.The new insurance volume is down 6.5% from January's $27.8 billion. By category, February volume breaks down to $22.7 billion traditional and $3.3 billion bulk. Application volume declined by nearly 5% from January, from 247,955 to 236,050. For the first time in nearly a year, there are more primary insurance cures than there are defaults. There were 52,288 cures compared with 49,334 defaults for a ratio of 106%. The last time the ratio was over 100% was in March 2002. In January, the ratio hit a recent low of 75.9%.
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