MGIC writes $2.1B in new primary mortgage insurance
Mortgage insurer MGIC Investment Corp. (MTG) wrote $2.1 billion in new primary insurance during the month of December and topped the month off with a lower inventory of delinquent loans.
The insurer started the month with 104,637 delinquent loans in its inventory, but recorded 7,259 cures, 2,445 paids and 158 rescissions and denials during the period.
The month also brought 8,980 new notices of delinquency.
After MGIC settled with Countrywide over GSE loans insured by the firm, it ended up removing 427 additional loans from its delinquent inventory.
By month’s end, the firm had 103,328 delinquent loans in its portfolio.