loanDepot officially files for IPO

loanDepot officially files for IPO

Number of shares, price range to be determined

Did Sen. Corker violate SEC rules, Senate ethics by telling investors to short GSEs?

Made questionable remarks on CNBC regarding stocks

House passes bipartisan TRID grace period bill 303-121

Next comes Senate, then looming threat of veto from White House
Lending / The Ticker

MGIC rises to a 4Q profit of $1.4M

Reaches positive net income after reporting a steep loss one year ago

mi story
/ Print / Reprints /
| Share More
/ Text Size+

Mortgage insurer MGIC Investment Corp. (MTG) recorded a fourth-quarter 2013 profit of $1.4 million, or zero cents per share, compared to a net loss of $386.7 million, or $1.91 per share, a year ago.  

For the entire year, the company recorded a net loss of $49.8 million, which is significantly improved from a loss of $927.1 million in 4Q of 2012.

The company’s CEO Curt Culver attributed MGIC's move back to profitability to the firm's improving capital position, a 24% increase in new insurance written, a 20% decline in new delinquency notices and an inventory reduction of 26%. Paid claims fell by 28%.

"I remain encouraged by the trends in home prices and employment that we have benefited from over the last several quarters and I am optimistic about the prospects for the mortgage insurance industry in 2014 and beyond," he noted in MGIC's 4Q earnings.

MGIC wrote $6.7 billion in new insurance in the fourth quarter, down from $7 billion a year earlier.

Recent Articles by Kerri Panchuk

Comments powered by Disqus