Volume for private mortgage insurers suffered in January as rising interest rates severely cut into production levels, according to data from the Mortgage Insurance Cos. of America.Only $14.7 billion of primary new insurance was written in January, down from $20.7 billion in December. Even though Radian pulled out of the group last July, there was no month in 2003 in which primary insurance totaled less than $20 billion. By type, $12.8 billion of traditional insurance and $1.9 billion of bulk insurance was written in January. The number of applications received continued its decline. In July, the first month without Radian, 291,678 applications were received. In January, that fell to 122,642, nearly 13% fewer than the 145,213 received in December. More bad news was seen in the cure/default ratio. January's ratio was 67.89%, compared with 83.7% in December and 75.9% in January 2003. There were 36,213 cures and 53,340 defaults during the month. MICA can be found online at http://www.micanews.com.
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The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
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The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
2h ago -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18 -
In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
April 18 -
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18