Traditional New MI Dips as Apps Dive

July saw a slight decrease in the amount of traditional new primary mortgage insurance written, but there was a large falloff in the number of applications received, according to data gathered by the Mortgage Insurance Companies of America.The trade group's members wrote $17.4 billion of primary new insurance in July, a decline of 21.6% from $22.3 billion in June. However, much of the decline came in the bulk category, which fell from $8.2 billion to $4.7 billion. The traditional category fell by just $1.3 billion, from $14.1 billion in June to $12.8 billion in July. Application volume fell by 21.6% in July, from 148,332 in June to 116,906; application volume stood at 130,661 in July 2005. New pool risk written in July totaled $26.9 million, down from $70.7 million the previous month. The cure/default ratio reached its lowest level of the year, 69.8%, with 31,099 cures and 44,561 defaults. MICA can be found online at http://www.micanews.com.