Private MI Volume Drops Again

If January was a bad month for the private mortgage insurance companies, February was worse.Dollar volume of primary new insurance written was $13.8 million for the month for the member firms of the Mortgage Insurance Cos. of America, down from just under $14 million in January and $14.3 million in February 2004. Traditional primary new insurance written was at $9.8 billion, down from $10.9 billion in January. Primary insurance in force, once as high as $618.9 billion fell to $602.9 billion. New pool risk written was $56.2 million for the month. One of the few good signs during the month was that for the first time in 11 months, there were more cures than defaults. Cures totaled 43,205 for the month while there were 38,421 defaults for a ratio of 112.5%. MICA is located on the Web at http://www.micanews.com.