MGIC narrows first-quarter loss to $19.6 million
Mortgage insurer MGIC Investment Corp. (MGIC) posted a net loss of $19.6 million, or 10 cents a share, for the first quarter, which is improved from a loss of $33 million, or 17 cents a share, a year earlier.
During the most recent period, the company wrote $4.2 billion in new insurance, compared to $3 billion in the first quarter of last year.
The Home Affordable Refinance Program made up approximately $1.3 billion of the new insurance written in the first quarter.
Total revenue for the first quarter also hit $397.7 million, up from $353.1 million in 1Q2011.
In late March, the insurer had $169 billion in primary insurance in force, compared to $172.9 billion in December and $187 billion a year earlier.
The loan delinquency rate in March hit 12.84% at MGIC, down from 13.79% in December and 13.87% in March 2011.