DOW JONES NEWSWIRES
New residential mortgage insurance applications rose in June from a month earlier, but the number was the second-smallest in the past seven months, according to a survey of the biggest private mortgage insurers.
Mortgage defaults grew slightly in June from May while cures fell in the same period. Defaults and cures remain elevated from a year earlier, though defaults have fallen from the highs in December and January and cures are lower than in February and March.
Insurers received 56,271 new applications for mortgage insurance in June, up 1.5% from May but 38% below June 2008.
New insurance written grew 11% to $7.65 billion in June from May but fell 44% from a year earlier.
The total amount of mortgage value that is covered by private mortgage insurance was $915.1 billion in June, with insurance typically guaranteeing a portion of that amount. In June, total insurer exposure was $209.6 billion.
Covered mortgages that went into default, or became at least two months overdue, rose 0.5% to 88,362 in June from May and jumped 30% from a year earlier.
Defaulted mortgages that cured, or were brought current after being at least two months overdue, fell 1.3% to 51,908 in June from a month earlier but were 20% more than in June 2008.
Mortgage insurance protects lenders from losses on defaulted mortgages and is typically required on mortgages obtained with less than a 20% down payment.
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