Delinquent Inventory Reductions Continue at MGIC and Radian

Mortgage Guaranty Insurance Corp. saw its inventory of delinquent loans decline by 1,986 loans in June, while competitor Radian Guaranty reported that 1,087 loans exited the inventory. In both cases, new notices of delinquency were higher than new cures.

At MGIC, the month started with 119,091 loans in the inventory, with 9,119 new delinquencies added. Cures removed 7,918 loans, plus the company paid the claims on an additional 3,063. There were also 124 loans where coverage was rescinded or denied, bringing the inventory down to 117,105 on June 30.

Radian’s inventory started June with 79,344 loans, to which 5,088 new delinquencies were added. There were 4,361 cures, 1,903 paid claims and 89 rescissions or denials. As of June 30, the inventory stood at 78,257 loans.

Radian, which has been competing with United Guaranty Corp. to be the No. 1 in terms of primary new insurance written, did $4.76 billion in June, up from $4.56 billion in May and $4.1 billion in April, a figure company executives previously said was the best in five years. In June 2012, it did $3.1 billion in NIW.

MGIC also announced its NIW for the month was approximately $2.8 billion, similar to its total for May. In June 2012, it did $2.2 billion in NIW.