By Krista Franks | 08/11/2011
Fannie Mae and Freddie Mac have suspended Republic Mortgage Insurance Company (RMIC) and Republic Mortgage Insurance Company of North Carolina as approved mortgage insurers. According to North Carolina law, mortgage insurers must maintain at least one twenty-fifth of their aggregate insured risk outstanding. RMIC fell below this amount in September 2010 but was granted waivers from the North Carolina Department of Insurance. A recent extension of the waiver is set to expire August 31.
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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 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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