The members of the Mortgage Insurance Cos. of America wrote $19.3 billion of new primary mortgage insurance in May, down slightly over 1% from April's $19.4 billion.In May 2003, MICA members wrote $35.4 billion, but those numbers include Radian Guaranty, which dropped its membership in the trade group last July. Application volume, which for the two prior months topped 180,000, slipped to 152,880 in May, back to the level seen at the end of the refinance boom in November 2003. New pool risk written in May was $85.3 million, down from $81.1 million in April. There were 33,928 cures and 39,188 defaults in May, for a cure/default ratio of 86.6%. This is down from 90.6% in April, but a slight increase over May 2003's 81.3%.
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