New Insurance Soars Past Record

The mortgage insurance industry in June obliterated the previous record for net primary new insurance written, according to data provided by the Mortgage Insurance Cos.of America. The nine reporting companies wrote $17.14 billion of new insurance, topping May's $14.5 billion by over 18%. MICA's old record was set in April, at $14.8 billion. June also saw a new record set for net applications, at 178,095, up 10% from May's 160,904. March had been the best month for applications, at 177,389. Gross figures for applications in June are higher at 187,048, but net figures are more indicative of current happenings because it excludes loans that are insured with more than 12 months expired from their term. For the first half of 1998, there have been 939,152 net applications and $81.4 billion in new insurance written. If this pace is maintained, mortgage insurers will have their best year ever.