Mortgage Guaranty Insurance Corp., Milwaukee, reported it had nearly 1,100 more cures than new notices of default for April, the third month in a row this has happened.
The primary delinquent inventory started the month at 195,885 loans. There were 12,075 new notices of delinquency sent by servicers to MGIC, but 13,171 loans cured during the month.
The inventory was further reduced by 4,634 paid claims (including those where the loan was charged against a deductible or was covered by a captive reinsurance arrangement). In addition there were 713 loans removed from the inventory through rescission or denial. This left the inventory at 189,433 at the end of April.
During April, MGIC said it had approximately $900 million in primary new insurance written.
