Private MIs Ride High in June

June was the best month of the year by far for the nation's private mortgage insurers, according to data issued by the Mortgage Insurance Companies of America.The organization's members wrote $23.15 billion of primary new insurance in June, up nearly 30% from $17.97 billion in May, which had been the previous best month of the year. By category, the $15.43 billion of traditional insurance and $7.72 billion of bulk MI represents the best month for each. As of midyear, there was $605.8 billion of primary insurance in force and $140.8 billion of primary risk in force. The MI companies wrote $28.9 million of pool insurance during the month and there is now $9.15 billion of pool risk in force, down from $11.9 billion a year ago. The cure/default ratio continues to slip. There were 29,779 cures and 40,622 defaults in June, bringing the ratio to 73.3%, down from 77.8% in May. The ratio peaked at 112.5% in February. MICA membership consists of all of the industry's participants except Radian. The organization can be found online at http://www.micanews.com.