MGIC Investment Corporation Releases Monthly Operating Statistics
MILWAUKEE, Sept. 10, 2019 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) today issued an Operational Summary of its insurance subsidiaries for the month of August 2019 for their primary mortgage insurance. The summary is also available on the company's investor 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.
August 2019 | August 2018 | Change | |||||||||
Insurance in force (billions) | $ | 217.1 | $ | 204.5 | 6.2 | % | |||||
Flow only | $ | 211.0 | $ | 197.3 | 6.9 | % | |||||
Beginning Primary Delinquent Inventory (# of loans) | 30,496 | 35,233 | (13.4) | % | |||||||
Plus: New Delinquency Notices | 4,722 | 4,455 | 6.0 | % | |||||||
Less: Cures | 4,353 | 4,853 | (10.3) | % | |||||||
Less: Paids | 373 | 487 | (23.4) | % | |||||||
Less: Rescissions and Denials | 21 | 19 | 10.5 | % | |||||||
Less: Items removed from inventory (1) | 195 | 581 | N/M | ||||||||
Ending Primary Delinquent Inventory (# of loans) (2) | 30,276 | 33,748 | (10.3) | % | |||||||
(1) Consists of loans whose insurance was terminated by agreements to settle coverage on certain non-performing loans. The agreements did not have a material financial impact. |
(2) August 2018 ending primary delinquent inventory was impacted by hurricanes Harvey, Irma, and Maria, which occurred in August - September 2017. The number of loans in ending primary delinquent inventory from geographical areas that the Federal Emergency Management Agency declared Individual Assistance Disaster Areas as a result of those hurricanes was 4,569 in August 2019, 6,235 in August 2018, and 5,833 in August 2017. |
About MGIC
Mortgage Guaranty Insurance Corporation "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 August 31, 2019, MGIC had $217.1 billion of primary insurance in force covering over one million mortgages.
From time to time MGIC Investment Corporation releases important information via postings on its corporate website, and via postings on MGIC's website for information related to underwriting and pricing, and intends to continue to do so in the future. Such postings include corrections of previous disclosures, and may be made without any other disclosure. 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 for MGIC Investment Corporation alerts can be found at https://mtg.mgic.com/shareholder-services/email-alerts. For information about our underwriting and rate changes, see https://www.mgic.com/underwriting.
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SOURCE MGIC Investment Corporation
