Guarantors that are members of the Mortgage Insurance Cos. of America broke the $10 billion market in new policies written for July—the sector’s best month in four years.
The three current members of the organization—MGIC, Radian and Genworth—wrote $10.1 billion of new policies for the month, up from $9.5 billion in June and $4.9 billion in July 2011.
It’s likely the private mortgage insurance industry as a whole actually busted the $10 billion monthly NIW mark as far back as May or even April. (United Guaranty Corp., the nation’s number on ranked MI in terms of new production, and Essent, a relatively new player to the business, are not members of the trade group.)
In August 2008, when NIW was just under $10.2 billion, UGC was a MICA member. Also, PMI and Republic Mortgage Insurance Co. were active underwriters—but both are now in run-off mode.
According to the trade group, primary risk-in-force, increased slightly to $396.4 billion in July from June.
