November was the second best month of last year in terms of new private mortgage insurance written, but new applications received declined from October, according to the Mortgage Insurance Cos. of America.
There was $5.6 billion of primary new mortgage insurance written in November, up from $5.2 billion in October and topped by the $5.7 billion written in August. There is an asterisk to this data, which is that United Guaranty Corp. dropped its membership in MICA starting with February's data; January had $6.4 billion of NIW.
Application volume for November was 27,970, down from October's 29,508.
Besides UG, PMI Mortgage Insurance Co., now operating under regulatory supervision and in run-off, is no longer counted in the MICA data. Another company no longer writing new business, Republic Mortgage Insurance Co., is still a member of the trade group.
Primary insurance in force among MICA members is $471.5 billion, down from $474.3 billion in October.
The cure/default ratio is 86.5%, up from 79.6% in October, but down from 94.7% in November 2010.
There were 33,964 cures and 39,279 new notices of default issued in November.
