Private Mortgage Insurance Activity Slides Back in November

Private mortgage insurance activity dipped in November, according to the most recent data from ""Mortgage Insurance Companies of America"":http://www.privatemi.com/index.cfm (MICA).

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MICA member companies (""Genworth Mortgage Insurance"":https://www.genworth.com/#tab1-tab, ""Mortgage Guaranty Insurance"":http://www.mgic.com/, and ""Radian Guaranty, Inc."":http://www.radian.biz/page?name=HomePage) wrote $10.4 billion in insurance on newly originated mortgages, according to the group's monthly statistical report. That total is down from October's $11.5 billion but remains the third-highest monthly total of 2012.

The number of applications received by MICA members also slipped, falling to 41,952 from 46,045 previously. According to the report, member companies issued insurance to 39,220 purchase and refinance borrowers (down from 42,833 in October).

MICA reports member companies wrote a total of $400.5 billion in primary insurance in force for the month.

While primary insurance cures were down (19,801 compared to October's 20,068), defaults also dropped (23,485 compared to 24,749), giving a boost to the cure/default ratio. November's ratio of cures to defaults stood at 84.3 percent, more than 3 percentage points higher than October's ratio.