MGIC: Primary new mortgage insurance grows 5.5% from last year
February posts $174.9B in primary new mortgage insurance
Primary new mortgage insurance grew 5.5% from last year, inching up from $165.8 billion to $174.9 billion, MGIC Investment’s February operational summery of its insurance subsidiaries for its primary mortgage insurance reported.
MGIC compiled the information concerning new delinquency notices and cures from loan servicer reports. The reports can differ based off of many different factors. Some of these factors include the date on which a servicer generates its report, the number of business days in a month and transfers of servicing between loan servicers.
February started with 62,774 loans in its primary delinquent inventory and ended with 60,242 delinquencies on file. MGIC posted 5,422 new notices, which was offset by 6,748 cures, 1,120 paid-off mortgages and 86 recessions and denials.
These figures are compared to February 2015, which started with 80,144 loans in its primary delinquent inventory and ended with 75,471 delinquencies on file. MGIC posted 5,640 new notices, which was offset by 8,751 cures, 1,493 paid-off mortgages and 69 recessions and denials.
From February 2015, insurance force increased by 5.5%, however the beginning primary delinquent inventory decreased by 21.7%. New delinquency notices also decreased by 3.9%. The ending primary delinquent inventory decreased by 20.2%.
Meanwhile, the market as a whole is improving, with total foreclosures dropping by 16.2% year-over year, according to a recent report from CoreLogic.
This chart shows the breakdown of February 2016 compared to February 2015:
Click the chart the enlarge