MILWAUKEE, Dec. 8, 2017 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) today issued an Operational Summary of its insurance subsidiaries for the month of November 2017 for their primary mortgage insurance. The summary is also available on the company's website under Newsroom, 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 accuracy of the data provided by servicers, the number of business days in a month, transfers of servicing between loan servicers, and whether all servicers have provided the reports in a given month.
November 2017
|
November 2016
|
Change
| ||
Insurance in Force (billions) |
$193.5 |
$181.3 |
6.7% | |
Flow Only |
$185.3 |
$171.9 |
7.8% | |
Beginning Primary Delinquent Inventory (# of loans) |
43,816
|
50,612 |
(13.4%) | |
Plus: New Delinquency Notices ? Non-Hurricane Impacted Areas (1) |
4,350
|
4,953 |
(12.2%) | |
Plus: New Delinquency Notices - Hurricane Impacted Areas (1) |
4,525
|
633 |
614.8% | |
Less: Cures |
5,149
|
5,063 |
1.7% | |
Less: Paids (including those charged to a deductible or captive reinsurer) |
617
|
944 |
(34.6%) | |
Less: Rescissions and Denials |
25
|
55 |
(54.5%) | |
Ending Primary Delinquent Inventory (# of loans) |
46,900 |
50,136 |
(6.5%) |
(1) Hurricane impacted areas are locations that the Federal Emergency Management Agency has declared Individual Assistance Disaster Areas as a result of hurricanes Harvey, Irma and Maria. There were 12,626 and 7,156 loans in our Ending Primary Delinquent Inventory as of November 30, 2017 and 2016, respectively, that were located in these areas. Based on our analysis and past experience, we do not expect the increased level of notices received in those areas to result in a material increase in our incurred losses or paid claims. The Private Mortgage Insurer Eligibility Requirements of Fannie Mae and Freddie Mac require us to maintain significantly more "Minimum Required Assets" for delinquent loans than for performing loans. We expect the increase in delinquency notices to result in a temporary increase in "Minimum Required Assets" and a decrease in the level of our excess "Available Assets" under the PMIERs. Due to the suspension of certain foreclosures by the GSEs, our receipt of claims associated with foreclosed mortgages in the hurricane-affected areas may be delayed. The following factors could cause our actual results to differ from our expectations in the forward looking statements in this press release:
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 November 30, 2017, MGIC had $193.5 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.
SOURCE MGIC Investment Corporation
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