MGIC Investment Corporation Releases Monthly Operating Statistics
MILWAUKEE, March 8, 2017 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) today issued a February 2017 Operational Summary of the primary mortgage insurance of its insurance subsidiaries. The summary is also available on the company's website at http://mtg.mgic.com, under Investor Information, Press Releases.
The information concerning new delinquency notices and cures is compiled from reports received from loan servicers. The level of new notice and cure activity reported in a particular month can be influenced by, among other things, the date on which a servicer generates its report, the accuracy of the data provided by servicers, the number of business days in a month, transfers of servicing between loan servicers, and whether all servicers have provided the reports in a given month (one servicer did not report new notices or cures for January 2017 but reported January and February 2017 notice and cure activity, on a net basis, in February. We are not aware of any missing reports at this time).
| February 2017 |
February 2016 |
Change |
||
| Insurance in Force (billions) |
$182.9 |
$174.9 |
4.6% |
|
| Flow Only |
$173.8 |
$164.6 |
5.6% |
|
| Beginning Primary Delinquent Inventory (# of loans) |
49,904 |
62,774 |
(20.5%) |
|
| Plus: New Delinquency Notices |
5,218 |
5,422 |
(3.8%) |
|
| Less: Cures |
5,647 |
6,748 |
(16.3%) |
|
| Less: Paids (including those charged to a deductible or captive reinsurer) |
822 |
1,120 |
(26.6%) |
|
| Less: Rescissions and Denials (1) |
23 |
86 |
(73.3%) |
|
| Less: Items removed from inventory (2) |
14 |
- |
- |
|
| Ending Primary Delinquent Inventory (# of loans) |
48,616 |
60,242 |
(19.3%) |
| (1) |
Refer to our Form 10-K filed with the Securities and Exchange Commission on February 26, 2016 for information about our prior suspension of certain rescissions and the number of rescissions suspended as of December 31, 2015. There were no rescissions suspended as of February 28, 2017. |
| (2) |
Insurance on 14 loans was terminated by agreement to settle coverage on certain non-performing loans. |
About MGIC
MGIC (www.mgic.com), the principal subsidiary of MGIC Investment Corporation, serves lenders throughout the United States, Puerto Rico, and other locations helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality. At February 28, 2017 MGIC had $182.9 billion of primary insurance in force covering approximately one million mortgages.
From time to time MGIC Investment Corporation releases important information via postings on its corporate website, including corrections of previous disclosures, without making any other disclosure and intends to continue to do so in the future. Investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information can be found at http://mtg.mgic.com under Investor Information.
SOURCE MGIC Investment Corporation
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