New MI Up in November

The total volume of primary new insurance written by the member companies of the Mortgage Insurance Cos. of America increased by 6% in November, but the traditional segment of that total fell to its third-lowest level of 2005.Primary new insurance written in November totaled $16.96 billion, compared with just under $16 billion in October. But traditional insurance written totaled just $12.24 billion, down from $13.35 billion in October. Bulk insurance written increased from $2.6 billion in October to $4.7 billion in November. The number of applications received in November was up by over 4% from that of October, at 118,061. New pool risk written totaled $28.0 million in November. The cure/default ratio, after hitting a year-to-date low of 65.9% in October, rebounded slightly in November to 68.9%, with 34,889 cures and 50,653 defaults.