MGIC Reduces Inventory by 2,000 Loans

Mortgage Guaranty Insurance Corp., Milwaukee, saw its delinquent loan inventory decline by nearly 2,000 loans in January. This is an improvement over January 2011’s decline of 1,200 loans.

The month started with 139,845 loans in the inventory, and 11,098 new notices of default were received. But 9,627 loans cured during the month. The cure total includes 993 loans where the aggregate loss limits on their policies were reached.

Paid claims took another 3,248 loans out, plus rescissions and denials removed 221 more loans. This brought the total down to 137,847.

At the end of January 2011, MGIC’s inventory held 174,418 loans.

MGIC also reported it did $2.2 billion of primary new insurance written (not including HARP loans, which it classifies as a modification of coverage). In December it did $2.2 billion, while in January 2011 its volume was $1.3 billion.