Worst Month Ever For Private Mortgage Insurance

For the second consecutive month, the amount of new primary mortgage insurance written by the members of the Mortgage Insurance Cos. of America was at the lowest point since the group adopted its current reporting methodology. In September, there was just $8.1 billion of total primary new insurance written ($36 million of it through the bulk channel), compared with August's $10.2 billion (zero through the bulk channel). In August 2001, MICA adopted its current reporting methodology. The MICA numbers do not include any data from Radian Group or Triad Guaranty; the latter company is currently in run-off. The number of applications received slipped from 65,546 in August to 62,209 in September. The amount of primary insurance in force at MICA members fell from $801.7 billion in August down to $801.3 billion in September. The amount of pool risk written in September was $19.9 million, down from $24.2 million in August. The cure default ratio was 53.9%, with 41,400 cures and 76,776 defaults reported during the month.