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SOURCE MGIC Investment Corporation
MILWAUKEE, June 8, 2018 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) today issued an Operational Summary of its insurance subsidiaries for the month of May 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.
Insurance in Force (billions)
Beginning Primary Delinquent Inventory (# of loans) (1)
Plus: New Delinquency Notices
Less: Paids (including those charged to a deductible or captive reinsurer)
Less: Rescissions and Denials
Less: Items removed from inventory (2)
Ending Primary Delinquent Inventory (# of loans) (1)
There were 9,429, 8,690, 6,261, and 6,032 loans in our Primary Delinquent Inventory as of April 30, 2018, May 31, 2018, April 30, 2017, and May 31, 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.
Includes loans whose insurance was terminated by agreement to settle coverage on certain non-performing loans. The agreements were effective in the second quarter of 2018 and 2017 and did not have a material financial impact in either quarter.
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 May 31, 2018, MGIC had $199.3 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.
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