The private mortgage insurers' cure/default ratio for March was at an all-time high, at 143.9%, according to the latest monthly data from the Mortgage Insurance Cos. of America.
This is an improvement over February's 112.2% and March 2010's 123.4%. MICA changed its data gathering methods in August 2001 so any information prior to that is not comparable.
Additionally, for a period of time, Radian pulled out of the group (although it is currently a member) and more recently, United Guaranty discontinued its membership.
There were 56,934 cures and 39,557 defaults in March.
Primary insurance written was $4.4 billion (with $40 million of that through the bulk channel), up from $4.2 billion in February. In March 2010, there was $4.5 billion written; this total includes data from UGC.
Primary insurance-in-force declined to $621 billion from February's $625 billion. There was $3.4 million of new pool risk written in March.
