MICA reports continued boom in business
By MortgageDaily.com staff
8/6/2003

Private mortgage insurance was issued to 244,281 borrowers in June, according to an industry organization.

Mortgage Insurance Companies of America (MICA) said that June's number of borrowers is 2.9 percent higher than May's total number.

For 1-4 family conventional mortgage loans, $36 billion in insurance was written for the month, the trade association said, a 2.7 percent increase from May's volume of $35.4 billion. Of this number, $31.2 billion was traditional insurance and $5.19 billion was bulk.

At June's end, insurance in force totaled $729.67 billion, MICA said, with 48,156 borrowers in default.

Applications were up 7 percent over May, totaling 334,385, according to the statement.

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