Mortgage Guaranty Insurance Corp. had nearly 2,000 more loans cure in February compared with the number of new default notices received during the month.
Over the past few years, private mortgage insurers have typically had more cures than defaults in February, according to data from the Mortgage Insurance Cos. of America.
But in most months last year, at both MGIC and Radian (the other company which reports this data), if the delinquent loan inventory declined at all, it was because of paid claims plus rescissions and denials.
The Milwaukee, Wis.-based private mortgage insurer started the month with 174,418 mortgage loans in its delinquent loan inventory and there were 11,221 new defaults added.
However, cures totaled 13,168, with MGIC paying claims on 3,974 loans and making rescissions or denials on another 307 loans. The company ended the month with 168,190 loans in its inventory.
MGIC's primary new insurance written in February was $1.3 billion. Data gathered by National Mortgage News shows MGIC had slipped to third place in market share in the fourth quarter 2011, behind United Guaranty and Radian.
