December was the best month of 2011 in terms of primary new mortgage insurance written by the current membership of the Mortgage Insurance Cos. of America.
However, it also posted the worst cure/default ratio of the year.
There was $5.8 billion of NIW in December, up from $5.6 billion in November. January 2011 had $6.4 billion of NIW but after that month, United Guaranty Corp. dropped out of the organization (later in the year, PMI dropped out as well).
The amount of primary insurance in force continues to decline, to $468 billion in December from $471 billion in November.
December's cure default ratio was 70.9%, with 27,301 cures and 38,481 defaults for the month, compared with revised figures of 31,420 cures and 35,188 defaults in November.
The previous cure/default ratio low for 2011 was 73.6% in July.
