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Lending / The Ticker

MGIC: Delinquencies on file drop in June

Writes $3.2 billion primary new insurance

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MGIC Investment Corporation (MTG) wrote $3.2 billion primary new insurance in June, its operational summary of its insurance subsidiaries for its primary mortgage insurance said.

This is a jump from $2.8 in May.

The company started the month with 86,415 loans in its primary delinquent inventory and ended with 85,416 delinquencies on file.

For the month, MGIC reported 7,556 new delinquencies, which was offset by 6,554 cures, 1,900 paid-off mortgages and 101 recession and denials.

According to the insurers' last earnings, MGIC posted a profit for the first quarter on the back of better loan performance. Expenses were also down.

Losses incurred in the first quarter were $122.6 million, down from $266.2 million reported for the same period last year, primarily due to fewer new notices of default being received and a lower claim rate on new and previously received delinquencies. 

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