MGICs Delinquent Inventory Reduced by Nearly 5% in March
New cures outpaced new notices of default at Mortgage Guaranty Insurance Corp. by 3,268 loans, leading to more than 6,500 loans exiting the company’s inventory of delinquent loans.
Typically in February and March over the last few years there have been more cures than new delinquencies reported. In other months, if there is a decline in the inventory, it’s because of paid claims plus rescissions and denials taking the loans out.
In February, MGIC reported 1,461 more cures than defaults.
March started with 133,125 loans in the inventory and 7,695 newly defaulted loans were added in. But 10,963 loans cured during the month, plus MGIC paid the claims on another 3,090 loans. Finally 157 loans had the coverage rescinded or denied, bringing the inventory down to 126,616.
MGIC also announced it had new insurance written during March of $2.4 billion. That was its best quarter of the month, with $1.9 billion of NIW in February and $2.2 billion in January.