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Tag Archives: Mortgage Insurance

MICA Reports Continued Increases in Private Insurance

The number of borrowers using private mortgage insurance (MI) continues to climb, according to the latest monthly statistical release from Mortgage Insurance Companies of America (MICA). MICA's member companies - which include Genworth US Mortgage Insurance, Mortgage Guaranty Insurance, and Radian Guaranty - reported $397.5 billion in primary insurance during August, an increase from $396.4 billion in July. The total tally for primary insurance received a boost from reported monthly increases in volume, certificates issued, and applications.

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Delinquency Tide May Tip the FHA Toward Insolvency: Fitch

Times haven├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ót been too swell for the Federal Housing Administration. That was apparent, by some accounts, when the agency raised insurance premiums for lenders of single-family mortgages in February, a choice it made to shore up its crisis-weary Mutual Mortgage Insurance Fund. Now, according to Fitch Ratings, a new tide of mortgage delinquencies and price declines may tip the fund back toward troubled waters ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô and possibly insolvency. A down-payment requirement on its may well worsen matters for the FHA.

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Report: Small, Midsize Servicers to Lose Most Under New Rules

The Consumer Financial Protection Bureau strikes once more ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô against the little guy, according to recent reports. One of those came from analysts with Moody's Investors Service on Thursday. Their report suggests that a tide of new rules from the credit bureau will likely impose "costly" and "challenging" new costs on small to midsize servicers. As for the bigger guys? Analysts say they may just walk away from the rules without a scratch. And theirs isn't the first report to say as much. Read more to learn why.

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Radian Guaranty Sees Growth in New Insurance

Radian Guaranty Inc. released data for primary mortgage insurance delinquencies for July, revealing growth in primary new insurance and a drop in delinquent loans. According to the release, Radian wrote $3.37 billion in primary new insurance for the month of July, an increase from $3.08 billion in June. In addition, loan delinquency was down in July, with primary delinquent inventory falling to 97,012 from 98,450 the month before. This release followed a more dismal earlier report on the company's second-quarter financial earnings.

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Mortgage Insurers Write $396B in New Insurance in May

Mortgage Insurance Companies of America released on Friday its monthly statistical report showing that member companies reported a total of $396 billion in primary insurance in force for May. This total is down nearly $1 billion from April and is the lowest total in a year-long fall. Member companies received 38,355 mortgage insurance applications for May, and 35,431 borrowers used private mortgage insurance to buy or refinance a home. Both figures are relatively large jumps up compared to flatter increases.

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Mortgage Insurers Wrote $7.1B in New Primary Insurance in April

Three mortgage insurers wrote $7.1 billion in newly originated primary mortgage insurance in April, up from $3.7 billion last year, according to the Mortgage Insurance Companies of America. MICA said that the companies, including Genworth Mortgage Insurance Corp., Mortgage Guaranty Insurance Corp., and Radian Guaranty Inc., fielded new primary insurance from $6.7 billion in March. Some 30,575 borrowers used private mortgage insurance to buy or refinance their homes in April. The insurers reported 22,569 defaults and 20,678 cures in April.

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MGIC Writes $1.7B in New Insurance in April

MGIC, the nation's largest private mortgage insurer, released its monthly earnings report Tuesday, revealing $1.7 billion in new insurance written during the month of April. This comes after last month's announcement that in the first quarter of this year, MGIC wrote $4.2 billion in new insurance. MGIC is still suffering from elevated delinquencies, though they did fall slightly over the month from 160,473 delinquent loans to 156,698 delinquencies recorded at the end of the month. While 9,717 delinquent loans were cured during the month of April, 10,134 loans received new notices of delinquency.

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Feds Settle With MGIC Over Alleged Discrimination

The Justice Department announced Monday that it had settled discrimination claims with the nation's largest mortgage insurance provider. The settlement requires that Mortgage Guaranty Insurance Corp. set up a $511,250 fund to pay 70 individuals identified by federal officials as victims of the alleged discrimination and $38,750 in civil penalties to the United States. The Justice Department said in a statement that MGIC had fully cooperated with federal officials by turning over documents and records during the course of an investigation.

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