MGIC Investment Corporation (MTG) wrote $3.6 billion in primary new insurance in March, its operational summery of its insurance subsidiaries for its primary mortgage insurance said.
The month began with 75,471 loans in its primary delinquent inventory and ended with 72,236 delinquencies on file.
MGIC reported 5,486 new notices, which was offset by 7,176 cures, 1,473 paid-off mortgages and 72 recessions and denials.
The company’s most recent fourth-quarter earnings posted 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.
A WalletHub report shows that having to pay mortgage insurance through the Federal Housing Administration versus private mortgage insurance costs borrowers as much as $12,000.
In recent years, as the cost of FHA loans has increased significantly and the housing market has rebounded in many areas, private mortgage insurance has once again become a more viable and affordable option for many consumers.