Private mortgage insurers associated with the Mortgage Insurance Companies of America (MICA) wrote $12 billion in new mortgage insurance last month.
MICA members – Genworth Mortgage Insurance, Mortgage Guaranty Insurance Corp. and Radian Guaranty – received 55,535 mortgage insurance applications in May. Of that amount, 52,545 borrowers actually used private mortgage insurance to refinance or buy their homes.
Overall, MICA members experienced 17,372 defaults, a number offset by 19,558 loan cures.
