The amount of private mortgage insurance written by the members of the Mortgage Insurance Companies of America totaled $17.8 billion in November, down 5% from $18.8 billion in October.The total decline represents less activity in both the traditional category and the bulk category. The member companies wrote $13.0 billion of traditional insurance in November, down from $13.5 billion the previous month. For the same time periods, they wrote $4.8 billion of bulk, down from $5.2 billion. Applications fell over 15%, from 129,612 in October to 109,590 in November. But November was the best month of the year by far in terms of new pool risk written, at $253.7 million. The next-best month of the year in this category was March, at $76.7 million. The cure/default ratio improved from 71.8% in October to 75.7% in November, with 34,509 cures and 45,325 defaults. The ratio is at its highest level since April, when it stood at 98.0%. MICA can be found online at http://www.micanews.com.
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The plan that the Federal Housing Finance Agency floated calls for Freddie Mac to actively invest in some new closed-end seconds as cash-out refinancing subsides.
55m ago -
The push comes amid what one expert highlighted as lax funding efforts for two Department of Housing and Urban Development grant programs.
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Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.
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Net charge-offs at the Charlotte, North Carolina-based bank increased by more than 80% in the first quarter compared with a year earlier. BofA executives say that the rising losses were in line with the bank's risk appetite.
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In a motion to dismiss UWM's suit, Ramon Walker argues the trademark infringement claim made by UWM is a "pretext to muzzle [his] criticism."
April 16 -
The Federal Reserve chair's comments coincide with the spring meeting of the International Monetary Fund and the World Bank Group in Washington. They also come as groups like the Basel Committee on Banking Supervision are being scrutinized.
April 16