Mortgage Insurance Companies of America (MICA) says loan cures reported by its member companies outpaced new defaults by 44 percent during the month of March.

The group of private mortgage insurers recorded 56,934 loan cures for the month versus 39,557 defaults.

MICA members also reported that 18,098 borrowers used private mortgage insurance to buy or refinance a home in March. The dollar volume of these new insurance certificates totaled $4.4 billion.

MICA is a D.C-based trade group representing the private mortgage insurance industry. Its members help loan originators and investors make funds available for low down payment mortgages by protecting these financiers from a portion of the financial risk of default.

Statistics in MICA’s March report include data from the following companies: Genworth Mortgage Insurance Corporation, Mortgage Guaranty Insurance Corporation, PMI Mortgage Insurance Co., Radian Guaranty Inc., and Republic Mortgage Insurance Company.