MGIC writes $1.7 billion in new insurance for April
Insurer Mortgage Guaranty Insurance Corp. (MGIC) wrote $1.7 billion in new mortgage insurance for the month of April while also cutting back on the firm's total number of delinquent loans.
Compared to February, the last full month on record, the firm expanded its business significantly from $1.3 billion in new business in February to $1.7 billion in April.
During the first quarter of 2012, the company wrote $4.2 billion in new insurance, compared to $3 billion for the same period last year.
MGIC started April with 160,473 delinquent mortgages within its insured portfolio.
That total fell to 156,698 delinquencies by month's end after the firm cured 9,717 loans, deducted nearly 4,000 paid-off mortgages and reported 236 rescissions and denials.
Those reductions were partially offset by 10,134 new default notices in April.