MILWAUKEE, March 8, 2016 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) today issued a February 2016 Operational Summary of the primary mortgage insurance of its insurance subsidiaries. The summary is also available on the company's website at http://mtg.mgic.com, under Investor Information, Press Releases.
The information concerning new delinquency notices and cures is compiled from reports received from loan servicers. The level of new notice and cure activity reported in a particular month can be influenced by, among other things, the date on which a servicer generates its report, the number of business days in a month, and by transfers of servicing between loan servicers.
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February 2015
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February 2016
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Change
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Insurance in Force (billions)
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$165.8
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$174.9
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5.5%
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Beginning Primary Delinquent Inventory (# of loans)
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80,144
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62,774
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(21.7%)
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Plus: New Delinquency Notices
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5,640
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5,422
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(3.9%)
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Less: Cures
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8,751
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6,748
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(22.9%)
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Less: Paids (including those charged to a deductible or captive reinsurer)
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1,493
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1,120
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(25.0%)
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Less: Rescissions and Denials (1)
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69
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86
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24.6%
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Ending Primary Delinquent Inventory (# of loans)
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75,471
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60,242
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(20.2%)
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(1)
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Refer to our Form 10-K filed with the Securities and Exchange Commission on February 26, 2016 for information about our suspension of certain rescissions and the number of rescissions suspended as of December 31, 2015.
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About MGIC
MGIC (www.mgic.com), the principal subsidiary of MGIC Investment Corporation, serves lenders throughout the United States, Puerto Rico, and other locations helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality. At February 29, 2016, MGIC had $174.9 billion of primary insurance in force covering approximately one million mortgages.
From time to time MGIC Investment Corporation releases important information via postings on its corporate website, including corrections of previous disclosures, without making any other disclosure and intends to continue to do so in the future. Investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information can be found at http://mtg.mgic.com under Investor Information.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/mgic-investment-corporation-releases-monthly-operating-statistics-300232419.html
SOURCE MGIC Investment Corporation
