MGIC Investment Corporation Schedules 2nd Quarter 2021 Earnings Call and Releases Monthly Operating Statistics
MGIC Investment Corporation (MTG) announced plans to release its second quarter 2021 financial results on August 4, 2021, followed by a conference call on August 5, 2021. The release will include key metrics related to mortgage insurance. In June 2021, the beginning primary delinquent inventory was 45,101 loans, and new delinquency notices rose to 3,229, while cures stood at 5,207. The data reflects ongoing impacts from the COVID-19 pandemic, with a substantial percentage of delinquent loans in forbearance.
- Scheduled earnings call indicates transparency and ongoing stakeholder communication.
- Reduction in beginning primary delinquent inventory from 52,775 in April to 45,101 in June.
- Increase in new delinquency notices from 3,016 in May to 3,229 in June.
- Percentage of new delinquency notices in forbearance declined from 46% in April to 34% in June.
MILWAUKEE, July 9, 2021 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) has announced plans to release its second quarter 2021 financial results after the market closes on Wednesday August 4, 2021. A conference call/webcast has been scheduled for 10:00 a.m. Eastern Time on Thursday August 5, 2021 to discuss the Company's results for the quarter ended June 30, 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 found at http://mtg.mgic.com under Newsroom. A replay of the webcast will be available on the company's website through September 5, 2021.
The Company also today issued selected operating statistics of the primary mortgage insurance of its insurance subsidiaries for the month of June 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 June we report as a new delinquency any delinquent loan that missed its May 1st (or earlier) payment that was not previously reported to us in May). 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, efforts to reduce its transmission, the resulting level of unemployment, and the impact of various government initiatives to mitigate the resulting economic harm.
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.
April | May | June | |
Beginning Primary Delinquent Inventory (# of loans) | 52,775 | 47,825 | 45,101 |
Plus: New Delinquency Notices | 2,791 | 3,016 | 3,229 |
Less: Cures | 7,615 | 5,638 | 5,207 |
Less: Paid Claims | 122 | 101 | 123 |
Less: Rescissions and Denials | 4 | 1 | 1 |
Ending Primary Delinquent Inventory (# of loans) | 47,825 | 45,101 | 42,999 |
% 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-Q for the quarter ended March 31, 2021, 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
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