MGIC Says Cures and Defaults Nearly Equal in May

There was almost an even amount of cured loans and new notices of default in the Mortgage Guaranty Insurance Corp. delinquent loan inventory for May.

The inventory started the month with 122,055 loans, with 8,521 loans added to it from new notices of delinquency filed by mortgage servicers.

But, there were 8,294 loans which cured during the month, along with 3,046 loans removed from the inventory because MGIC paid a claim (or charged them to a deductible or captive reinsurance arrangement). Rescissions and denials took out another 145 loans from the inventory.

As a result at the end of May, MGIC’s delinquent loan inventory stood at 119,091. On May 31, 2012, the inventory had 154,973 loans.

The company also announced it had $2.8 billion of primary new insurance written during May, compared with $2.4 billion in April and $2.0 billion in May 2012.