The six member companies of the Mortgage Insurance Cos. of America had their third-worst month of the year in terms of primary new insurance written in October.Data collected by MICA shows that these companies (all the private mortgage insurers except Radian) wrote $17.6 billion in new insurance, down from $19.2 billion in September and $30.6 billion in October 2003. Application volume was also at its third-lowest level for the year, at 142,087. October 2003 was the last boom month for the MIs, with application volume of 233,393. New pool risk written in October totaled $21.6 million, down from $66.1 million in September and $636.2 million in October 2003. Defaults once again outnumbered cures, for the eighth time in the first 10 months of the year. The cure/default ratio was 73.9%, with 33,532 cures and 45,353 defaults. MICA can be found online at http://www.micanews.com.
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The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
6h ago -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
10h ago -
Michael Tannenbaum, whose experience in the financial services industry spans over 15 years, has a track record of helping companies scale and grow.
April 24 -
A majority of consumers earning more than $100,000 annually said they were concerned about their own ability to purchase a home, demonstrating how affordability issues are impacting those at many socioeconomic levels, the University of Michigan study found.
April 24 -
The nonbank's results add to other indications that the first quarter's "higher for longer" rate scenario had an upside for efficient servicing operations.
April 24 -
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
April 24