MGIC Investment Corporation (MTG) wrote $2.8 billion primary new insurance in May, according to its operational summary of its insurance subsidiaries for its primary mortgage insurance.
This is up from April’s numbers of $2.3 billion.
The company started the month with 87,987 loans in its primary delinquent inventory and ended with 86,415 delinquencies on file.
For the month, MGIC reported 7,240 new delinquencies, which was offset by 6,669 cures, 1,994 paid-off mortgages and 149 recession and denials.
Back in April, MGIC posted a profit for the first quarter on the back of better loan performance. Expenses were also down.
Losses incurred in the first quarter were $122.6 million, down from $266.2 million reported for the same period last year, primarily due to fewer new notices of default being received and a lower claim rate on new and previously received delinquencies.
