Subjects: CCA, SLS, FVT
MGIC Investment Corporation Schedules 4th Quarter 2019 Earnings Call and Releases Monthly Operating Statistics
MILWAUKEE, Jan. 9, 2020 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) has announced plans to release its 4th quarter 2019 financial results before the market opens on Tuesday, February 4, 2020. A conference call/webcast has been scheduled for 10:00 a.m. Eastern Time to discuss the Company's results for the quarter ended December 31, 2019.
Individuals interested in joining over the phone should dial 1-866-834-4126 ten minutes before the conference call begins. The call is also being webcast and can be accessed via the company's website http://mtg.mgic.com under Newsroom. A replay of the webcast will be available on the company's website through March 4, 2020.
MGIC also today issued an Operational Summary of its insurance subsidiaries for the month of December 2019 for their primary mortgage insurance. The summary is also available on the company's investor website under Newsroom, Press Releases. MGIC will no longer issue this data on a monthly basis going forward. Instead, MGIC intends to publish data about new delinquency notices, cures, and insurance in force on a quarterly basis in conjunction with the quarterly earnings release.
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.
December 2019 | December 2018 | Change | |||||||||
Insurance in force (billions) | $ | 222.3 | $ | 209.7 | 6.0 | % | |||||
Flow only | $ | 216.7 | $ | 202.9 | 6.8 | % | |||||
Beginning Primary Delinquent Inventory (# of loans) | 30,123 | 33,314 | (9.6) | % | |||||||
Plus: New Delinquency Notices | 4,594 | 4,752 | (3.3) | % | |||||||
Less: Cures | 3,940 | 4,389 | (10.2) | % | |||||||
Less: Paids | 301 | 428 | (29.7) | % | |||||||
Less: Rescissions and Denials | 4 | 16 | (75.0) | % | |||||||
Less: Items removed from inventory (1) | 444 | 335 | 32.5 | % | |||||||
Ending Primary Delinquent Inventory (# of loans) | 30,028 | 32,898 | (8.7) | % | |||||||
(1) Consists of loans whose insurance was terminated by agreements to settle coverage on certain non-performing and/or performing loans. The agreements did not have a material financial impact. |
About MGIC
Mortgage Guaranty Insurance Corporation "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 December 31, 2019, MGIC had $222.3 billion of primary insurance in force covering over one million mortgages.
From time to time MGIC Investment Corporation releases important information via postings on its corporate website, and via postings on MGIC's website for information related to underwriting and pricing, and intends to continue to do so in the future. Such postings include corrections of previous disclosures, and may be made without any other disclosure. 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 for MGIC Investment Corporation alerts can be found at https://mtg.mgic.com/shareholder-services/email-alerts. For information about our underwriting and rate changes, see https://www.mgic.com/underwriting.
SOURCE MGIC Investment Corporation
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