New Primary Mortgage Insurance Rebounds

The amount of primary new mortgage insurance written in June rebounded upwards from the year-to-date low totals written in May, according to information collected by the Mortgage Insurance Cos. of America. There was a total of $7.65 billion of primary new insurance written in June, compared with $6.92 billion in May. June was the best month of the year for transactions through the bulk channel, with $45.6 million, up from $18.8 million in May, the previous high for the year. Still the amount of primary insurance in force continued to decline from $922.1 billion in May to $915.1 billion in June; in December 2008, when Radian Group's performance once again was included in the statistics, the amount of primary insurance in force was $952.2 billion. There was $9.4 million of new pool risk written in June. The cure/default ratio fell from 59.8% in May to 58.7% in June, with 51,908 cures and 88,362 defaults recorded.