MGIC Investment Corporation Schedules 1st Quarter 2016 Earnings Call and Releases Monthly Operating Statistics
MILWAUKEE, April 8, 2016 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) has announced plans to release its 1st quarter 2016 financial results before the market opens on Tuesday, April 19, 2016. A conference call/webcast has been scheduled for 10:00 a.m. Eastern Time to discuss the Company's results for the quarter ended March 31, 2016.
Individuals interested in joining over the phone should dial 1-866-802-4321 ten minutes before the conference call begins. The call is also being webcast and can be accessed via the company's website http://mtg.mgic.com under Investor Information. A replay of the webcast will be available on the company's website through May 19, 2016, under Investor Information.
MGIC also today issued an Operational Summary of its insurance subsidiaries for the month of March 2016 for their primary mortgage insurance. The summary is also available on the company's website 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 number of business days in a month, and by transfers of servicing between loan servicers.
| March 2015 |
March 2016 |
Change |
||
| Insurance in Force (billions) |
$166.1 |
$175.0 |
5.4% |
|
| Beginning Primary Delinquent Inventory (# of loans) |
75,471 |
60,242 |
(20.2%) |
|
| Plus: New Delinquency Notices |
5,486 |
4,696 |
(14.4%) |
|
| Less: Cures |
7,176 |
6,973 |
(2.8%) |
|
| Less: Paids (including those charged to a deductible or captive reinsurer) |
1,473 |
1,189 |
(19.3%) |
|
| Less: Rescissions and Denials |
72 |
48 |
(33.3%) |
|
| Less: Items removed from inventory (1) |
- |
1,138 |
||
| Ending Primary Delinquent Inventory (# of loans) |
72,236 |
55,590 |
(23.0%) |
| (1) |
Includes 732 loans whose insurance was terminated by agreement to settle coverage on certain non-performing loans, and 406 loans for which we had previously suspended rescissions and that were included in a rescission settlement agreement. Both agreements became effective in the first quarter of 2016 and neither had a material financial impact in the quarter. |
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 March 31, 2016, MGIC had $175.0 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
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article