Private Mortgage Insurance Activity Slides in February

New private mortgage insurance business dipped in February, according to a monthly statistics report from ""Mortgage Insurance Companies of America"":http://www.privatemi.com/ (MICA), a trade association representing the industry.

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The report includes statistical data from three MICA member companies: Genworth Mortgage Insurance Corporation, Mortgage Guaranty Insurance Corporation, and Radian Guaranty Inc.

According to the report, dollar volume of primary new insurance written on newly originated conventional mortgage loans totaled nearly $9.2 billion in February, down from $10.5 billion in January.

Members reported a total of $401.3 billion in primary insurance in force for the month.

At the same time, an estimated 34,665 policies were issued for the purchase or refinance of homes, down from 36,923 the previous month. Member companies received 36,793 applications for mortgage insurance--down from 39,571 in January--suggesting business may continue to decline in coming months.

According to MICA, members reported 21,075 defaults in February and 21,609 cures. The ratio of cures to defaults for the month was 102.5 percent.