Defaults on privately insured mortgages were up 38 percent in February compared to the same period a year ago, but fell for the first time since July, according to data released today by the Mortgage Insurance Companies of America (MICA).
MICA said 60,911 borrowers were at least 60 days behind on their monthly mortgage payments last month, down from 68,950 in January, the lowest total since October 2007.
Primary insurance cures, or delinquent loans that became current, also surged in February, rising to 47,933 from 35,468 a month earlier, the highest total in over a year.
During the same month last year, MICA mortgage insurers reported 44,111 primary insurance defaults and 42,508 cures.
Last month, 139,077 borrowers used private mortgage insurance to purchase a home or refinance an existing loan, a 9.2 percent increase from the 127,338 in January.
The total of 152,786 PMI applications were received in February by MICA members, 10.2 percent more than the 138,679 received in January, but down substantially from the 200,000-plus received last summer.
The dollar volume of primary insurance written on newly originated 1-to-4 family conventional mortgage loans totaled $19.2 billion in February, a 13.4 percent decrease from the previous month’s $22.2 billion.
Primary insurance in-force totaled $839.6 billion as of the end of February, up from $832.7 billion in January and $676.9 billion a year ago.
MICA’s data is pulled from AIG United Guaranty, Genworth Mortgage Insurance Corporation, Mortgage Guaranty Insurance Corporation, PMI Mortgage Insurance Co., Republic Mortgage Insurance Company and Triad Guaranty Insurance Corporation.
Shares of related companies were mixed in afternoon trading on Wall Street.
(photo: myklroventine)
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