Mortgage Insurance Companies of America (MICA) has released its monthly statistical report for February, with member companies reporting a total of approximately $945 billion in primary insurance in force for the month.
The dollar volume of primary new insurance written on newly originated conventional mortgage loans totaled about $8.48 billion in February. The group also says that its members reported that 56,216 borrowers used private mortgage insurance to buy or refinance a home in February.
The number of private mortgage insurance applications received in February by MICA's members totaled 73,109, and members reported 89,722 defaults and 67,767 cures in February.
The statistics in this month's report include data from the following MICA member companies: AIG United Guaranty, Genworth Mortgage Insurance Corp., Mortgage Guaranty Insurance Corp., PMI Mortgage Insurance Co., Radian Guaranty and Republic Mortgage Insurance Co.
"Mortgage insurers are playing a crucial role in stabilizing the housing market," says Suzanne C. Hutchinson, executive vice president of MICA. "Our members continue to work with borrowers, lenders and government agencies to prevent foreclosures and keep people in their homes."