MICA: MI Rises 5%

There was a total of $36.7 billion of primary new mortgage insurance written in September by the members of the Mortgage Insurance Cos. of America, up some 5% from August's $34.9 billion.Since July, the industry data has not included information from Radian Guaranty, Philadelphia, which dropped out of MICA in a policy dispute. The number of applications, which declined by 25,886 between July and August, fell another 10% or 26,624 between August and September, from 265,792 to 239,168. New pool risk written was $601.5 million, with $17.1 billion of pool risk in force. The cure/default ratio declined slightly between August and September from 91.2% down to 87.2%. New cures totaled 39,990, while defaults were at 42,432.