MGIC writes $3.3B in primary new insurance

Ends October with fewer delinquencies

MGIC Investment Corporation (MTG) wrote $3.3 billion primary new insurance in October, its operational summary of its insurance subsidiaries for its primary mortgage insurance said.

The company started the month with 83,154 loans in its primary delinquent inventory and ended with 82,369 delinquencies on file.

In October, MGIC reported 7,543 new delinquencies. This was offset by 6,564 cures, 1,704 paid-off mortgages and 60 recession and denials.

Looking at the insurers' last earnings, it posted net income of $72 million for the quarter ended Sept. 30, compared with net income of $12.1 million for the same quarter a year ago.

"I am pleased to report we had another profitable quarter and that the amount of new insurance written increased 21% while the delinquency inventory declined more than 25% from the same period last year," said Curt Culver, CEO and Chairman. 

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