TheMReport — News and strategies for the evolving mortgage marketplace.
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The Latest SERVICING Or ig i nat ion s e r v ic i ng Private Mortgage Activity Slides The three MICA member companies are seeing a stumble in new PMI business. a na ly t ic s N Companies Embrace e-Recorded Documents se c on da r y m a r k e t ew private mortgage insurance business dipped in February, according to a monthly statistics report from Mortgage Insurance Companies of America (MICA), a trade association representing the industry. The report includes statistical data from three MICA member companies: Genworth Mortgage Insurance Corporation, Mortgage Guaranty Insurance Corporation, and Radian Guaranty Inc. According to the report, dollar volume of primary new insurance written on newly originated conventional mortgage loans totaled nearly $9.2 billion in February, down from $10.5 billion in January. Members reported a total of $401.3 billion in primary insurance in force for the month. At the same time, an estimated 34,665 policies were issued for the purchase or refinance of homes, down from 36,923 the previous month. Member companies received 36,793 applications for mortgage insurance—down from 39,571 in January—suggesting business may continue to decline in coming months. According to MICA, members reported 21,075 defaults in February and 21,609 cures. The ratio of cures to defaults for the month was 102.5 percent. NTC finds there's been an uptick in the amount of docs inked electronically in U.S. recorders' offices. C ompany experts at Nationwide Title Clearing, Inc. (NTC), revealed a trend showing an increase in documents recorded electronically in the nation's recorders' offices. "More than 840 jurisdictions are currently eRecording-enabled, and approximately 15 new jurisdictions become enabled every month," said NTC's eRecording manager, Brian Ernissee, in a release. Ernissee further stated the volume of documents sent by NTC to record electronically leapt from 10 percent in May 2012 to more than 40 percent in February 2013. "With such positive growth, we expect the total volume of documents submitted electronically for recording to be well above 50 percent by May," he added. The eRecording service at NTC involves five steps: submit, receive, review, record, and return. Through eRecording, processing land record and property documents can become more simple and efficient. According to NTC, eRecording has several benefits, such as allowing documents to be submitted any time, and the process is cost-effective and reduces paperwork since documents are scanned and submitted within minutes before getting returned electronically after recording. Based in Palm Harbor, Florida, NTC is a service provider to the mortgage and financial industry. The M Report | 49