Items Tagged with 'MGIC'

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  • MGIC announces partnership with Down Payment Resource

    Companies aim to connect more eligible buyers to down payment assistance
    On Monday, Mortgage Guaranty Insurance Corporation announced a new partnership with Down Payment Resource, a down payment assistance resource provider for homebuyers and professionals. Through the partnership, customers of MGIC will have access to discounted Down Payment Resource services that make it easier for lenders to research down payment assistance programs and match borrowers to eligible programs.
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  • Mortgage insurance companies push back against 50% DTI

    Increase credit score requirements
    Last year, the GSEs announced they were increasing their debt-to-income ratio to 50%, a move that mortgage insurance companies are starting to fight back against. "We are concerned with the recent increase of loans that have debt-to-income ratios exceeding 45%, particularly when combined with weaker credit profiles," one MI company explained.
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  • MGIC revenues fall slightly in Q2 2017

    New insurance written sees modest increase
    Mortgage Guaranty Insurance Corp. reported a slight drop in its revenues, however its net income and diluted earnings per share increased. The company's CEO explained that during the second quarter, the majority of MGIC’s 2% convertible senior notes due in 2020 were converted to shares of common stock and the remainder were redeemed.
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  • MGIC: Should borrowers wait to save 20% down or buy now?

    Here’s the math to find out
    Down payments are commonly cited as one of the most misunderstood parts of the home-buying process, as potential homebuyers hold off shopping until they can put 20% down on a home. A new calculator from MGIC helps solve this problem. Home shoppers can use the calculator to see if they should buy now or wait.
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  • S&P: Private mortgage insurance all set for another banner year

    The good times won't stop there, either
    Why such an upbeat outlook? Well, troubled vintages are winding down in an orderly fashion. Also, recent mortgages are comparatively high credit in terms of underlying quality. And it’s not just for 2017, as S&P predicts private mortgage insurers are set to enjoy robust earnings over the next few years. But, here's the catch.
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  • MGIC 4Q net income jumps to $107.5 million

    Expects slightly tougher year in 2017
    MGIC recorded a strong fourth quarter, posting net income of $107.5 million, or $0.28 per diluted share, which beat estimates by $0.06. However, Patrick Sinks, CEO of MTG and its primary subsidiary MGIC, explained that while the company achieved strong financial result in 2016, 2017 is not forecasted to go as well.
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