Industry NewsMortgage

FHA regaining market share

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Private mortgage insurers saw demand hit a low for the year in July, with applications falling 4.6 percent from the previous month and 52 percent from a year ago, an industry group said. Meanwhile, FHA loan guarantees are grabbing more market share. The 86,734 applications received by private mortgage insurers in July continues a downward slide that began in the spring. Private mortgage insurance applications hit a high for 2008 in March, with 160,139 received, according to the Mortgage Insurance Companies of America.MICA reported the dollar volume of primary new insurance written on newly originated conventional mortgage loans totaled $12.3 billion in July, also a low for the year. The group said 70,725 borrowers used private mortgage insurance to buy or refinance a home in July, a 59.3 percent decline from a 12-month high of 173,949 policies written in October.Mortgage insurance is typically required by lenders when borrowers make down payments of less than 20 percent of a home's pur...