MGIC Reduces Delinquent Loans by Over 1,000
Mortgage Guaranty Insurance Corp.'s delinquent loan inventory was reduced by just over 1,000 loans during January, after falling by 1,300 loans in December.
There were 9,365 new notices of delinquency in January, 385 more than the number received for December, but a significant improvement over the 11,098 new notices received in January 2013. Meanwhile, 7,745 loans returned to performing status during the month, while MGIC paid the claim on another 2,393 loans. The company denied or rescinded coverage on another 204 loans. This moved the inventory to 102,351 from 103,328 at the start of the month.
In December, 7,259 loans cured and it paid 2,445 claims.
Typically, delinquencies are up in January because of holiday-related spending with those bills coming due.
MGIC wrote $1.7 billion of primary new insurance during the month, compared with $2.2 billion in both December and January 2013.