MGIC Reports Increased Business, Fewer Bad Loans

News

Mortgage Guaranty
Insurance Corporation (MGIC) the nation’s largest private mortgage insurance
company, issued its Operational Summary for the month of May on Friday.  The Summary shows continuing improvement in
the company’s inventory of delinquent loans and a slight increase in new
business, from $1.7 billion of new primary insurance written in April to $2.0
billion in May.

At the beginning of the period there were 156,698 loans in
that inventory, down from 160,473 at the beginning of April and 175,639 at the beginning of this year.  Activity during the month included 10,907
notices of new delinquencies, 3801 claims paid, 8537 cures, and 294 rescissions
or denials.  By the end of May the
inventory was down to 154,973 loans, a net reduction of 1,725 during the
month and 20,666 since January 1.

Comparable activity
in April included 10,134 new notices, 3,967 claims paid, 9,717 cures, and 236
rescissions or denials for a net reduction of 3,775 loans during the month.

At the end of the
first quarter of 2012 (March 31), the MGIC, the principal
subsidiary of MGIC Investment
Corporation, was providing insurance covered for 1.1 million
mortgages, a total of $169.0 billion of in force primary insurance.

Leave a Reply