Delinquent loans drop but new business remains flat for MGIC
Mortgage Guaranty Insurance Corp. (MTG) saw the number of loans in its delinquent inventory fall in February from 174,418 at the beginning of the month to 168,190 by the end of the month.
During the period, the mortgage insurer wrote $1.3 billion in new primary insurance.
The company's delinquent loan inventory fell on 13,168 cures, 3,974 paid-off loans and 307 rescissions and denials. New delinquency notices during the period hit 11,221 but were offset by cures and paid-off loans.
Comparatively, in January, the company wrote $1.3 billion in new insurance and had 174,418 delinquent loans at the end of the month, down slightly from 175,639 at the beginning.