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MICA insurance applications up 31.8% in September compared to 2009

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Mortgage insurance applications rose in September for the six firms of the Mortgage Insurance Companies of America, a trade association representing the private mortgage insurance industry. According to the trade group's monthly statistical report, September applications totaled 39,846, up 0.8% from August and up 31.8% from one year ago.

MICA reported the cure rate for its six member firms fell slightly. Of the 123,201 loans handled in September, 65,481 defaulted (53.1%) and 57,720 were cured (46.9%). In comparison, slightly more than 50% of loans in August defaulted, and 58,094 loans were cured.

Numbers improved from September 2009 when 60.7% of loans defaulted and only 39.3% were cured.

MICA reported 2.9 billion of primary insurance in force in September. Approximately .9 billion of that accounts for insurance written on newly originated mortgage loans, up 8.3% from August.

The statistics in the September report were based on data from Genworth Mortgage Insurance Corp. (GNW: 11.58 +2.21%), Mortgage Guaranty Insurance Corp. (MGIC: 2.67 -1.84%), PMI Mortgage Insurance Co. (PMI: 3.16 -5.46%), Radian Guaranty Inc. (RDN: 7.45 -1.84%), Republic Mortgage Insurance Co. (RMIC: 0.00 N/A) and United Guaranty Corp.?

Write to Christine Ricciardi.

Disclosure: The author holds no relevant investments.


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