Mortgage insurer MGIC Investment Corp. capped off January with 243 more delinquencies on its books than the month prior, according to figures the company released Monday.
The Milwaukee-based company entered January with 79,901 loans in its delinquent inventory and then added 7,770 new loans over the course of the month. This reverses the downward trend the company had been on for years.
January typically features an increase in new delinquent loans, MGIC senior vice president of investor relations Michael Zimmerman said in an email. In both 2013 and 2014, the number of new delinquencies increased but was off-set by paying more claims.
MGIC paid fewer claims in January, as a result of fewer foreclosures, Zimmerman said, which consequently contributed to the higher balancer of loans seen at the end of the month.
While MGIC cured 5,864 of its delinquent loans and saw another 1,663 go through claims paid, rescissions and denials, the company ended the month with 243 additional loans to have 80,144 delinquencies in its inventory at month’s end.
Either way, the figures represented a strong improvement year-over-year, as MGIC finished this January with roughly 22% fewer delinquent loans in its inventory than at the end of January 2014. Overall, Zimmerman said MGIC still expects the total delinquencies to fall in 2015 when compared to 2014.
MGIC also reported that it wrote $2.9 billion in new insurance last month, a 12% decrease from December.
The mortgage insurer previously announced in January that it recorded a $74.4 million profit during the fourth quarter, a strong improvement over its $1.4 million loss the year prior.