Mortgage Insurers’ HARP Volume Doubles in 1Q13

Mortgage Insurance Cos. of America members saw more than double the number of loans they insured go through the Home Affordable Refinance Program and other refinancing programs for distressed borrowers in 1Q13 over the same period last year.

In the most recent quarter, HARP loans added did $7.8 billion to their volume. In its monthly numbers MICA includes this in new insurance written, but the individual members consider it a modification of current coverage for their reporting purposes.

There were also $1.2 billion of Home Affordable Modification Program workouts and $1.2 billion of other loan modification program workouts.

According to data released by the MICA members in their (or their holding company’s) 1Q13 results, Radian did $2.5 billion of HARP loans, Genworth did $2.1 billion and MGIC did $3 billion. The fourth legacy MI, United Guaranty, is not a MICA member and its parent company American International Group did not include HARP data in its 1Q13 release.

In 1Q12, MICA members did $3.7 billion of HARP and other distressed refis, $1.3 billion of HAMP mods and $1 billion of other loan mods.