Mortgage insurance companies wrote $10.2 million of coverage in March, a 16% increase from the month before, according to the Mortgage Insurance Companies of America.

The coverage was applied to 85,812 mortgage loans, 17% more than February's volume, the trade group said.

Also during March, 24,987 defaulted loans were brought back to performing status. But 23,925 new defaults were reported, offsetting the recoveries.

The association also tracks the use of insurance to bolster securitizations of mortgage loans. This credit enhancement insurance totaled $429.8 million in March, a 75% decrease from the prior month.

Sharp declines and increases in securitization insurance are not uncommon, as pools of securities are packaged in assorted sizes and with varying needs for credit enhancement, a spokesman for the association said.

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