MGIC Investment Corporation Schedules 2nd Quarter 2018 Earnings Call and Releases Monthly Operating Statistics
MILWAUKEE, July 10, 2018 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) has announced plans to release its 2nd quarter 2018 financial results before the market opens on Wednesday, July 18, 2018. A conference call/webcast has been scheduled for 10:00 a.m. Eastern Time to discuss the Company's results for the quarter ended June 30, 2018.
Individuals interested in joining over the phone should dial 1-844-231-8825 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 Newsroom. A replay of the webcast will be available on the company's website through August 18, 2018, under Newsroom.
MGIC also today issued an Operational Summary of its insurance subsidiaries for the month of June 2018 for their primary mortgage insurance. The summary is also available on the company's website under Newsroom, 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.
| June 2018 |
June 2017 |
Change |
||
| Insurance in Force (billions) |
$200.7 |
$187.3 |
7.2% |
|
| Flow Only |
$193.3 |
$178.6 |
8.2% |
|
| Beginning Primary Delinquent Inventory (# of loans) (1) |
37,264 |
41,652 |
(10.5%) |
|
| Plus: New Delinquency Notices |
4,274 |
5,159 |
(17.2%) |
|
| Less: Cures |
4,954 |
4,568 |
8.5% |
|
| Less: Paids |
516 |
861 |
(40.1%) |
|
| Less: Rescissions and Denials |
31 |
34 |
(8.8%) |
|
| Less: Items removed from inventory (2) |
- |
31 |
||
| Ending Primary Delinquent Inventory (# of loans) (1) |
36,037 |
41,317 |
(12.8%) |
| (1) |
There were 8,690, 7,828, 6,032, and 5,958 loans in our Primary Delinquent Inventory as of May 31, 2018, June 30, 2018, May 31, 2017, and June 30, 2017, respectively, that were located in the geographical areas that the Federal Emergency Management Agency declared Individual Assistance Disaster Areas as a result of hurricanes Harvey, Irma, and Maria, which occurred in August – September 2017. |
| (2) |
Includes loans whose insurance was terminated by agreement to settle coverage on certain non-performing loans. The agreement did not have a material financial impact. |
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 June 30, 2018, MGIC had $200.7 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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