While almost all the private mortgage insurance companies posted significant financial losses for the third quarter, the industry data provided by the Mortgage Insurance Companies of America for September provide a mixed bag of good and bad news.September was the third-best month of the year for primary new insurance written, with a total of $28.9 billion, up 6% from $27.3 billion in August. There was a slight slip in the amount of traditional mortgage insurance written, which decreased by $700 million to $23.1 billion. Bulk insurance written increased by $2.3 billion to $5.8 billion. On the negative side was a slip of almost 19% in the number of applications received, from a revised number of 206,457 for August to 168,073, the worst month in this category since February. For July and August, MICA made revisions to its cure/default data. The revisions resulted in boosting the cure-default ratio from 53.4% (as originally reported) for July to 60.9%. The August revision moved the cure/default ratio from 57.9% to 66.6%. The change means June was the only month with a cure/default ratio under 60%. For September, there were 33,706 cures and 54,699 defaults, for a ratio of 61.9%. MICA can be found online at http://www.micanews.com.

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