Private mortgage insurers produced $6.4 billion in new insurance written in January, down $2 billion from December's $8.4 billion, but an improvement over the $4.2 billion written in January 2010. This is according to data collected by the Mortgage Insurance Cos. of America.
There were 25,789 applications received during the month, down from 37,140 in December, but an improvement over the 19,438 received during January 2010.
Industry members have been working to regain market share from the Federal Housing Administration program, with the government's help.
The bulk NIW category continued its comeback, with volume of $71.6 million during the month, making it the fourth month in the past five where production topped $70 million (including $122 million in December). During each of the first five months of 2010, bulk NIW failed to break the $1 million mark, before climbing over $3 million in June and then up to $26 million in July.
However, primary insurance in force continued its downward march, to $748 billion at the end of January, compared with $753 billion in December and $851 billion in January 2010.
The cure/default ratio slipped slightly between December and January, from 79.8% down to 78.6%. This is the lowest the ratio has been since January 2010, when it was 68.1%.
There were 50,820 cures and 64,687 defaults in January.
