Mortgage Insurance Companies Wrote $5.4B in February

Mortgage insurance companies wrote $5.4 billion new pools of risk in February, a shift from $5 billion last month.

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""Mortgage Insurance Companies of America"":http://www.privatemi.com/ (MICA) revealed Friday that the latest figures reflect a climb up from $4.2 billion.

The companies included ""Genworth Mortgage Insurance Corp."":http://mortgageinsurance.genworth.com/, ""Mortgage Guaranty Insurance Corp."":http://www.mgic.com/, and ""Radian Guaranty Inc."":http://www.radian.biz/page?name=HomePage

MICA members said that their certificates reached 24,879 borrowers with intentions to buy or refinance their homes last month. Insurance-in-force for the companies roughly amounted to $398 billion for February.

Total applications climbed to 26,886, while defaults and cures ran up to 24,405 and 27,694, respectively.

The mortgage insurance industry continues to steadily improve as the financial crisis ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô and controversy ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô lingers behind it.

Last fall PMI Group, Inc., fell apart when it filed for Chapter 11 in bankruptcy proceedings, an event that happened just after Arizona state regulators seized control of the company and forbid it from writing new insurance for lenders.