Mortgage Guaranty Insurance Corp.’s portfolio of delinquent mortgages declined by just over 1,500 loans during September, the company said. For August, the decline was 2,749 loans.
Radian, the other private mortgage insurance company which reports monthly data of this sort,
MGIC reported 150,388 loans in inventory at the start of the month, with 11,308 new notices of delinquency added. But there were 8,764 cures, 3,790 claims paid and rescissions and denials on 257 loans during the month.
So by the end of the month, MGIC had a delinquent loan inventory of 148,885.
Primary new insurance written in September was $2.2 billion, up from $1.4 billion one year prior.
Something that should enhance MGIC’s ability to do more NIW in the future was announced earlier in the month.
Parent company MGIC Investment Corp. reported good news in its
Furthermore, it now has two extra months to do so, as the deadline was extended from Sept. 30 to Dec. 1.
Freddie Mac also has expanded its approval of MGIC Indemnity Corp., the clean-sheet unit which MGIC plans to use to write new business in states where the primary mortgage insurance subsidiary fails capital requirements to 16 jurisdictions where such requirements exist in addition to Wisconsin.
Freddie Mac extended its approval of MIC as an approved underwriter a full year to Dec. 31, 2013.
There are some conditions, including that MGIC reach a settlement with Freddie Mac on the pool insurance dispute by the end of this month.
