MIs Record Best Month in June

June was the best month of the year business-wise for the members of the Mortgage Insurance Companies of America.According to the trade group, $22.25 billion of primary new insurance was written in June, up 22% from $18.17 billion in May. It was also the best month of the year for the traditional primary new insurance component, at $14.08 billion. The previous top month in 2006 for total insurance had been $20.92 billion in March, while for traditional, May had been the best month, at $13.01 billion. Applications hit a yearly high, at 148,332; the previous high in 2006 had been in March, at 141,177. There is now $632.14 billion of primary insurance in force, and $143.33 billion of primary risk in force, MICA reported. In June, $70.7 million of new pool risk was written. Pool risk in force at the end of the second quarter totaled $8.47 billion. The cure/default ratio for June was 74.4%, a slight improvement over that of May, with 31,588 cures and 42,477 defaults reported for the month. MICA can be found online at http://www.micanews.com.