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 nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
8h ago -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
April 18