Items Tagged with 'MGIC'

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  • Mortgage insurance companies report surge in Q2 earnings

    Recent changes seem to work well for business
    Mortgage insurance companies have had a busy year with many unprecedented changes, and the most recent earnings report shows those changes are paying off. This year, MI companies upped their game, growing more competitive against the FHA and one company even saw a record high in new insurance written.
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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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