Troubled MI Giant MGIC Sees Policy Volume Increase

Mortgage Guaranty Insurance Corp. reported Tuesday that it wrote $2.5 billion of new insurance policies in August, a 4% increase from the month prior.

However, the improved volume did little to help its stock on Wednesday. At deadline, its share price was down 6% to $1.64.

The nation’s largest MI in terms of policies-in-force ($166 billion), the company continues to see a decline in its inventory of delinquent loans.

MGIC ended August with 150,388 loans in its delinquency inventory. It added 11,209 new delinquencies, which were offset by 9,883 cures, 3,782 paid claims and 293 rescissions and denials of coverage.  

The nation’s number two-ranked MI, Radian, also reported strong results for August.