MGIC delinquent inventory decreases more than 20%


Primary delinquent mortgage inventory decreased 20.9% from last year for MGIC Investment Corporation and its insurance subsidiaries, according to an operational summary for July the company just issued.

Overall, the ending primary delinquent inventory decreased 20.9% from last year’s 66,121 loans to July’s 52,298 loans.

Looking at the market overall, the number of homes in some stage of foreclosure and the number of seriously delinquent mortgages declined in May, falling to the lowest level since October 2007, according to data from CoreLogic.

The company’s insurance force increased 4.9% annually to $178.2 billion in July, up from $170 billion last year.

Beginning primary delinquent inventory decreased 20.8% to 52,558 loans in July, down from 66,357 loans last year.

New delinquency notices also decreased 11.7% to 5,835 in July, down from 6,607 new delinquencies last year.

Cures decreased slightly by 5.1% from last year’s 5,379 to 5,107 in July.

The information from new delinquency notices and cures is compiled from reports from loan servicers.

The level of new notice and cure activity reported in a particular month can be influenced by several things, including the date on which a servicer generate its report, the number of business days in a month and by transfers of serving between loan servicers.

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