Mortgage Guaranty Insurance Corp.'s inventory of delinquent loans declined by over 1,200 loans during January, but new notices of default outpaced cured by 3,000 loans.
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The month started with 175,639 loans in the inventory and servicers sent the company 13,700 new notices of default. MGIC reported 10,662 cures.
It also paid 3,967 claims during January plus it rescissed or denied coverage on 292 loans. This resulted in a net reduction in the inventory to 174,418.
In January 2011, MGIC saw 17,229 new delinquency notices offset by 12,536 cures, 4,447 loans where MGIC paid claims and rescissions and denials on 1,110 loans.
MGIC said it did $1.3 billion in primary new insurance written, up from $1.2 billion one year prior.
