Mortgage Insurance Companies of America today reported that applications and originations improved in the month of March as defaults fell to a six-month low.
The private mortgage insurance group said it received 160,139 applications during the month, up 4.8 percent from the 152,786 received in February, as originations climbed to 139,610 from 139,077.
The dollar volume on primary insurance written during the month totaled $20.5 billion in March, up 6.8 percent from the $19.2 billion a month earlier.
Primary insurance in-force totaled $848 billion in March, up slightly from $839 billion in February and well above the $688.7 billion a year earlier.
There were 58,131 defaults reported during March, a 4.6 percent decrease from 60,911 defaults in February, and a 15.7 percent decrease from 68,950 defaults in January.
However, defaults were still up 37.2 percent from a year ago when they totaled 42,362.
MICA members reported 50,585 cures (loans in default that get back on track) during March, 5.5 percent more than the 47,933 cures during February, and 42.6 more than the 35,468 cures in January.
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.
(photo: norax)
