MGIC Reports Increased Business, Fewer Bad Loans

Mortgage GuarantyrnInsurance Corporation (MGIC) the nation’s largest private mortgage insurancerncompany, issued its Operational Summary for the month of May on Friday.  The Summary shows continuing improvement inrnthe company’s inventory of delinquent loans and a slight increase in newrnbusiness, from $1.7 billion of new primary insurance written in April to $2.0rnbillion in May.</p

At the beginning of the period there were 156,698 loans inrnthat inventory, down from 160,473 at the beginning of April and 175,639 at the beginning of this year.  Activity during the month included 10,907rnnotices of new delinquencies, 3801 claims paid, 8537 cures, and 294 rescissionsrnor denials.  By the end of May therninventory was down to 154,973 loans, a net reduction of 1,725 during thernmonth and 20,666 since January 1.</p

Comparable activityrnin April included 10,134 new notices, 3,967 claims paid, 9,717 cures, and 236rnrescissions or denials for a net reduction of 3,775 loans during the month. </p

At the end of thernfirst quarter of 2012 (March 31), the MGIC, the principalrnsubsidiary of MGIC InvestmentrnCorporation, was providing insurance covered for 1.1 millionrnmortgages, a total of $169.0 billion of in force primary insurance.

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