Shrinking origination pipelines have begun taking their toll on mortgage insurers as the volume of new primary mortgage insurance written for one- to four-family homes dropped to its lowest total February.
The Mortgage Insurance Companies America reported that the net private mortgage insurance written stumbled to $11.6 billion, a drop of $752 million from the $12.3 billion written in May. It was the lowest total since $10.5 billion was written in February.
The number of applications also slipped for mortgage insurers, dropping by more than 5,000 from May to June, the biggest drop since application volume plummeted by more than 15,000 in April after interest rates began climbing.1994--No. of ApplicationsJanuary 108,405February 108,450March 151,229April 136,205May 135,678June 130,5591994--Insurance WrittenJanuary $13,254.80February 10,520.80March 11,598.50April 12,281.80May 12,333.70June 11,581.40 (In millions)