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SOURCE MGIC Investment Corporation
MILWAUKEE, Sept. 11, 2018 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) today issued an Operational Summary of its insurance subsidiaries for the month of August 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: Rescissions and Denials
Less: Items removed from inventory (2)
Ending Primary Delinquent Inventory (# of loans) (1)
There were 7,042, 6,235, 5,903, and 5,833 loans in our Primary Delinquent Inventory as of July 31, 2018, August 31, 2018, July 31, 2017, and August 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 agreements to settle coverage on certain non-performing loans. The agreements did not have a material financial impact.
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, 2018, MGIC had $204.5 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. Enrollment information for MGIC alerts can be found https://www.mgic.com/ClearRates/index.html.
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