New MI Up in June

The dollar volume of primary new mortgage insurance written in June totaled $36.4 billion, up 2.5% from $35.4 billion in May, but down from $37.2 billion a year earlier.But a simple look at the year-to-year totals does not tell the whole story. Of the June 2003 volume, $31.2 billion was traditional and $5.2 billion was bulk. In June 2002, bulk made up $14.7 billion of the total. Applications received were up 7.0% from May to June, to 334,385. There is $729.7 billion of primary insurance in force and $170.7 billion of primary risk in force. In June, $650.0 million of new pool risk was written. The cure/default ratio improved in June, rising from 81.3% in May to 90.5%. There were 43,560 cures and 48,156 defaults in June. MICA can be found on the Web at http://www.micanews.org.