By Carrie Bay | 11/10/2011
Mortgage insurer Radian Guaranty Inc. trimmed its inventory of delinquent loans during the month of October by 136, as new delinquencies and cures came close to breaking even. The company ended the month with 110,614 loans in its primary delinquent portfolio, down from 110,740 at the beginning of October. The company says it wrote $2.07 billion in new primary mortgage insurance coverage during the month of October.
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By Carrie Bay | 07/05/2011
Private mortgage insurers had more new notices of default to contend with during the month of May than they had loan cures. It was the first time in four months that defaults outnumbered cures. Mortgage Insurance Companies of America (MICA) says its five members reported 44,853 defaults and 36,159 cures in May. Private mortgage insurers help loan originators and investors make mortgage funds available to homebuyers who have less than 20 percent for a down payment.
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By Carrie Bay | 05/18/2011
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 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.
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By Carrie Bay | 04/11/2011
A group of private mortgage insurers reported 48,086 defaults during the month of February, but 53,944 loan cures, according to data from the trade association Mortgage Insurance Companies of America (MICA).
For February, the cure/default ratio for MICA members came in at 112.2 percent. It's the first time since May 2010 that default cures have outnumbered new default notices among the group, and it's a notable bounce-back from the previous month when the cure/default ratio was 78.6 percent.
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By Carrie Bay | 01/24/2011
Merscorp Inc. (MERS) says its president and CEO, R.K. Arnold, who has been with the company since it was founded 15 years ago, has resigned. Paul Bognanno, former chairman of private mortgage insurer Radian Guaranty, will serve as interim president and CEO and lead the company's search for Arnold's permanent replacement. The executive shake-up is reportedly tied to the controversy surrounding the MERS System and whether or not it has the legal right to foreclose on properties on behalf of lenders and servicers.
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By Heather Hill Cernoch | 10/06/2010
Based on data from six member firms, Mortgage Insurance Companies of America (MICA) reports that the companies accounted for a total of $780.3 billion in primary mortgage insurance in force in August.
The private mortgage insurance industry enjoyed its best month of the year for new business. The dollar volume of primary insurance on newly originated conventional mortgages totaled $6.4 billion. MICA's members reported that 32,215 borrowers used private mortgage insurance to buy or refinance a home in August.
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By Carrie Bay | 10/01/2010
Mortgage insurer Radian Guaranty Inc. has made a $200,000 grant to HOPE LoanPort to be used by borrowers, non-profit counselors, servicers, and other organizations to improve the execution of loss mitigation activities, including those under the Home Affordable Modification Program (HAMP). Radian's contribution will be used to support HOPE LoanPort in its mission to address some of the hurdles borrowers face when seeking foreclosure alternatives.
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