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MGIC's New Issuance Climbs in July

AUG 8, 2014 5:22pm ET
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MGIC Investment Corp. in Milwaukee reported its insurance subsidiaries wrote $3.6 billion in new primary mortgage insurance in July, up 12.5% from June, continuing its second-quarter trend.

The parent of Mortgage Guaranty Insurance Corp. said it had $159.3 billion of primary insurance on its books at June 30, covering approximately 1 million mortgages.

MGIC's monthly Operational Summary includes data about new notices and cures as reported by loan servicers, which among others, may be affected by portfolio transfers from one servicer to the next.

The inventory of primary loans that were delinquent at the end of July declined to 84,950, down from roughly 85,400 on July 1 and 86,400 on June 1.

New notices, which totaled nearly 7,890, counterbalanced more than 6,300 cures, roughly 1,900 paid accounts that included charges to a deductible fee, and 134 rescissions and denials related to certain suspensions as of June 30, the company said in a press release.

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