Data released today for the month of March posted a 143.9% cure rate, the highest ever posted in available monthly data (compiled here) reaching back to December 1999. The YTD rate of 106.15% is also the highest and only above 100% reading since 1999, though full year cure rates above 100% were posted years 1989-1994. The highest full year rate of 110.8% was posted in 1992. Full year data goes back to 1989.
March comes in the strongest season of the year for cures and defaults which has been attributed to tax refunds, the beginning of housing's spring selling season, and weather-related employment amongst other things.
New policies issued increased 20% MoM (YoY data is not comparable), far outstripping home purchase activity. That increase also came before another FHA insurance price increase which will drive more high quality business into arms of private MI. This trend and continued pressure to reprivatize the mortgage market will likely help the industry write its way back to good health.
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