November’s Private Mortgage Insurance Volume Lowest Since April 2012: MICA

There was $7.5 billion of primary new insurance written by members of the Mortgage Insurance Cos. of America in November, the lowest total since April 2012.

This compares with $8.7 billion in October and $10.4 billion in November 2012. MICA includes Home Affordable Refinance Program in its definition of NIW.

Sales of existing home rose less than projected while new home sales fell on a seasonally adjusted basis.

MICA members received 33,372 applications in November and this is also the lowest since April 2012.

Even with lower NIW, primary insurance-in-force continues to grow. As of Nov. 30, the three MICA members (Mortgage Guaranty Insurance Corp., Radian Guaranty and Genworth) have $419.3 billion of insurance-in-force, up from $418.4 billion in October and $400.5 billion in November 2012.

The cure/default ratio for the second month in a row is above 90%, at 96.9%. In October the ratio was 93.9% while for November 2012 it was 84.3%.

There were 17,499 loans cured and 18,059 new notices of default received during November.

Previously, MGIC reported 8,429 cures and 8,012 new defaults for the month, while Radian had 3,793 cures and 4,501 new defaults.