May was the best month since October 2003 for the members of the Mortgage Insurance Companies of America for writing primary new mortgage insurance policies.There was $30.2 billion of primary insurance written in May, compared with $20.7 billion in April. Back in October 2003, $30.6 billion of primary new mortgage insurance was written. Comparisons of data prior to July 2003 are not meaningful because that is when Radian withdrew its membership in the trade group. Traditional insurance totaled $21.9 billion in May and bulk insurance totaled $8.3 billion, up from $17.4 billion and $3.3 billion, respectively, in April and from $13.0 billion and $5.2 billion in May 2006. The number of applications topped 200,000 billion for the first time in 2007, at 208,596. The bad news in the May report is that the cure/default ratio had fallen to its lowest level since January, to 65.1%. There were 29,941 cures and 45,986 defaults in the month. In January, the ratio stood at 60.2%, with the highest number of defaults so far this year, 52,528.

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