MICA: Good News & Bad News

There was good news and bad news in February for the members of the Mortgage Insurance Cos. of America.The bad news was that the dollar volume of traditional primary new insurance written fell to $9.3 billion, down from $10.0 billion in January. But when the $5.9 billion of bulk insurance written in February is added to traditional insurance, total primary new insurance written increased 12.1% in February, from $13.6 billion in January to $15.3 billion. And the really good news was in application volume, which rebounded from 95,131 in January to 108,788 in February, an increase of 14.3%. Pool risk written in February totaled $31.4 million. For the first time in 11 months, there were more cures than defaults: 45,081 cures and 40,365 defaults, for a ratio of 111.7%. MICA can be found online at http://www.micanews.com.