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Investments

MGIC writes $2.9B in primary new insurance

Delinquencies slightly increase in January

MGIC Investment Corporation (MTG) wrote $2.9 billion in primary new insurance in January, its operational summary of its insurance subsidiaries for its primary mortgage insurance said.

The month started with 79,901 loans in its primary delinquent inventory and ended with 80,144 delinquencies on file.

MGIC posted 7,770 new notices, which was offset by 5,864 cures, 1,607 paid-off mortgages and 56 recession and denials.

The company recently reported its fourth-quarter earnings, posting a fourth-quarter net income of $74.4 million, compared with a net loss of $1.4 million for the same quarter a year ago.

"I am pleased to report that in 2014 the company continued to build on the progress we have made regarding many of the challenges we have been facing.  Notably we have returned to annual profitability while maintaining a solid statutory capital position and low expense ratio,” said Curt Culver, CEO and chairman of the board, about the earnings. 

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