MGIC Investment Corporation Releases Monthly Operating Statistics
On March 5, 2021, MGIC Investment Corporation (NYSE: MTG) released its operational summary for February 2021, detailing mortgage insurance activities. The report indicates a decline in the primary delinquent inventory from January's 56,315 to 55,103 loans. New delinquency notices decreased to 4,330, while cures fell to 5,446. Notably, 62% of the primary delinquency inventory remains in forbearance, reflecting ongoing impacts from the COVID-19 pandemic. The company continues to monitor the economic landscape affecting delinquencies.
- Decrease in the ending primary delinquent inventory from 56,315 in January to 55,103 in February.
- Reduction in new delinquency notices from 4,810 in January to 4,330 in February.
- Cures decreased from 6,094 in January to 5,446 in February, indicating potential ongoing issues in resolving delinquencies.
- High percentage (62%) of primary delinquency inventory remains in forbearance, suggesting continued economic stress.
MILWAUKEE, March 5, 2021 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) today issued an Operational Summary of the primary mortgage insurance of its insurance subsidiaries for the month of February 2021. The summary is also available on the company's investor 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. Notices of delinquency are typically reported to us when loans are two payments past due (for example, for February we report as a new delinquency any delinquent loan that missed its January 1st (or earlier) payment that was not previously reported to us). We expect the number of delinquencies will continue to be influenced by various factors related to the COVID-19 pandemic, including its length and severity, the length of time that measures intended to reduce its transmission remain in place, the resulting level of unemployment, the impact of various government initiatives to mitigate the resulting economic harm and efforts to reduce its transmission.
The information concerning the percentage of loans in forbearance is based on the most recent information provided by Fannie Mae and Freddie Mac (the GSEs), as well as loan servicers, and we believe substantially all reported forbearances are related to COVID-19. While the forbearance information provided by the GSEs refers to delinquent loans in forbearance as of the prior month-end, the information provided by loan servicers may be more current.
December | January | February | |
Beginning Primary Delinquent Inventory (# of loans) | 59,236 | 57,710 | 56,315 |
Plus: New Delinquency Notices | 4,941 | 4,810 | 4,330 |
Less: Cures | 6,352 | 6,094 | 5,446 |
Less: Paid Claims | 112 | 108 | 95 |
Less: Rescissions and Denials | 3 | 3 | 1 |
Ending Primary Delinquent Inventory (# of loans) | 57,710 | 56,315 | 55,103 |
% of New Delinquency Notices in Forbearance | |||
% of Primary Delinquency Inventory in Forbearance |
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 through the use of private mortgage insurance.
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 rates, see https://www.mgic.com/underwriting.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward looking statements. Forward looking statements consist of statements which relate to matters other than historical fact, including matters that inherently refer to future events and involve certain important risks and uncertainties, any of which could cause our actual results to differ materially from those expressed in our forward-looking statements. More information about the risks, uncertainties and assumptions affecting the company can be found in the risk factors included as Exhibit 99 to our Annual Report on Form 10-K for the year ended December 31, 2020, and in other filings we make with the Securities and Exchange Commission. No investor should rely on the fact that such statements are current at any time other than the time at which this press release was issued.
View original content:http://www.prnewswire.com/news-releases/mgic-investment-corporation-releases-monthly-operating-statistics-301241144.html
SOURCE MGIC Investment Corporation
FAQ
What did MGIC announce on March 5, 2021 regarding mortgage insurance?
How did the delinquent inventory for MGIC change from January to February 2021?
What percentage of MGIC's primary delinquency inventory was in forbearance as of February 2021?
What were the new delinquency notices reported by MGIC for February 2021?
