MGIC Investment Corporation Schedules 1st Quarter 2021 Earnings Call and Releases Monthly Operating Statistics

Rhea-AI Summary

MGIC Investment Corporation (NYSE: MTG) will release its Q1 2021 financial results after market close on May 5, 2021. A conference call is set for May 6, 2021 at 10:00 a.m. ET. For March 2021, MGIC reported a starting delinquent inventory of 55,103 loans and new delinquency notices of 3,871. Cures amounted to 6,088 loans. As of March, 42% of new delinquency notices were in forbearance, while 61% of primary delinquent inventory was also in forbearance, indicating ongoing effects from the COVID-19 pandemic.

Positive

• N/A

Negative

• Continuing reliance on forbearance linked to the COVID-19 pandemic.
• Decrease in new delinquency notices from February to March (4,330 to 3,871).

MILWAUKEE, April 7, 2021 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) has announced plans to release its first quarter 2021 financial results after the market closes on Wednesday May 5, 2021.  A conference call/webcast has been scheduled for 10:00 a.m. Eastern Time on Thursday May 6, 2021 to discuss the Company's results for the quarter ended March 31, 2021.

Individuals interested in joining by telephone 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 investor website http://mtg.mgic.com under Newsroom. A replay of the webcast will be available on the company's website through June 6, 2021.

The Company also today issued selected operating statistics of the primary mortgage insurance of its insurance subsidiaries for the month of March 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 March we report as a new delinquency any delinquent loan that missed its February 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.

	January	February	March
Beginning Primary Delinquent Inventory (# of loans)	57,710	56,315	55,103
Plus: New Delinquency Notices	4,810	4,330	3,871
Less: Cures	6,094	5,446	6,088
Less: Paid Claims	108	95	109
Less: Rescissions and Denials	3	1	2
Ending Primary Delinquent Inventory (# of loans)	56,315	55,103	52,775
% of New Delinquency Notices in Forbearance	47%	46%	42%
% of Primary Delinquency Inventory in Forbearance	60%	61%	61%

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.

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SOURCE MGIC Investment Corporation

FAQ

When will MGIC Investment Corporation release its first quarter 2021 earnings results?

MGIC will release its Q1 2021 earnings results on May 5, 2021, after market close.

What are the key operating statistics for MGIC in March 2021?

In March 2021, MGIC reported a starting delinquent inventory of 55,103 loans, with 3,871 new delinquency notices and 6,088 cures.

What percentage of MGIC's new delinquency notices were in forbearance in March 2021?

In March 2021, 42% of new delinquency notices were in forbearance.

What is the ending primary delinquent inventory for MGIC as of March 2021?

The ending primary delinquent inventory for MGIC as of March 2021 was 52,775 loans.