Delinquencies Down at MGIC

Mortgage Guaranty Insurance Corp.’s delinquent loan inventory declined by over 4,000 loans between October and November, while the amount of primary new insurance written remained consistent for the third consecutive month.

The inventory started the month with 179,824 loans. New notices of default added 12,937 loans to the inventory, down from 14,545 in October.

Cures also improved on a month-to-month basis, with November seeing 12,691 cures, versus October’s 11,040. Paid claims, including those covered by a deductible or captive reinsurance arrangement, took another 4,064 loans out, plus rescissions and denials removed another 315 loans.

This brought the total at the end of the month to 175,691 in the inventory.

MGIC reported $1.4 billion of NIW in November, similar to the volume in September and October as well as November 2010.

Daily Briefing | Friday, December 9, 2011

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Article source: http://www.nationalmortgagenews.com/dailybriefing/2010_492/delinquencies-down-mgic-1027788-1.html

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