Private MI Rebounds

The dollar volume of new primary mortgage insurance written rebounded in May from the dismal numbers recorded in April, according to data collected by the Mortgage Insurance Companies of America.During the month, the group's members wrote $13.0 billion of traditional mortgage insurance and $5.2 billion of bulk, for a total of $18.2 billion, up 34% from that of April. In the traditional category, the industry had its best month of the year so far. Application volume for mortgage insurers increased by 25%, from 101,070 in April to 126,608 in May. The volume of new pool risk written rose from $22.0 million in April to $59.5 million in May. However, the cure/default ratio slipped significantly in May, from 98.0% in April to 71.0%, with 29,433 cures and 41,450 defaults reported during the month. MICA can be found online at http://www.micanews.com.