November was a challenging month for private mortgage insurance companies, which saw the amount of primary new insurance written fall to $5.8 billion from $7.7 billion in October. November is the fourth consecutive month in which the issuance of new insurance hit a new low for the members of the Mortgage Insurance Cos. of America. PMI applications also tumbled from 55,085 in September to 39,098 in November, MICA said. Meanwhile, defaults edged up to 82,978 and the cure/default ratio edged down to 53%. Outstanding PMI in force totaled $799.5 billion, down by less than 1% from November 2007. MICA's numbers do not include any information from Radian or Triad. (Radian has rejoined MICA and will be reporting in the future.)
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