MGIC Investment Corporation Schedules 3rd Quarter 2020 Earnings Call and Releases Monthly Operating Statistics
MGIC Investment Corporation (NYSE: MTG) plans to release its 3rd quarter 2020 financial results on November 4, 2020, followed by a conference call on November 5 at 10:00 a.m. Eastern Time. Selected operating statistics for September 2020 indicate a decline in beginning primary delinquent inventory from 69,326 in July to 66,626, as new delinquency notices decreased from 8,463 to 6,038. However, the percentage of new delinquency notices in forbearance remains high at 56%. The impact of COVID-19 continues to influence delinquency and forbearance rates significantly.
- Decrease in beginning primary delinquent inventory from July to September 2020.
- New delinquency notices decreased from August to September 2020.
- High percentage of new delinquency notices in forbearance at 56%.
- Ongoing impact of COVID-19 is significant and uncertain.
MILWAUKEE, Oct. 8, 2020 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) has announced plans to release its 3rd quarter 2020 financial results after the market closes on Wednesday November 4, 2020. A conference call/webcast has been scheduled for November 5, 2020 at 10:00 a.m. Eastern Time to discuss the Company's results for the quarter ended September 30, 2020.
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 website http://mtg.mgic.com under Newsroom. A replay of the webcast will be available on the company's website through December 5, 2020.
MGIC also today issued selected operating statistics for its insurance subsidiaries for the month of September 2020 for their primary mortgage insurance. The statistics are 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 September we report as a new delinquency any delinquent loan that missed its August 1st (or earlier) payment that was not previously reported to us.) We expect the number of delinquencies will be impacted by the COVID-19 pandemic. The magnitude of the impact, which may be significant, will be influenced by various factors, including the length and severity of the pandemic in the United States, the length of time that measures intended to reduce the transmission of COVID-19 remain in place, the resulting level of unemployment, and the impact of various government initiatives to mitigate the economic harm caused by COVID-19 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 represent forbearances 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.
July | August | September | |
Beginning Primary Delinquent Inventory (# of loans) | 69, 326 | 68,206 | 66,626 |
Plus: New Delinquency Notices | 8,463 | 6,423 | 6,038 |
Less: Cures | 9,452 | 7,868 | 8,126 |
Less: Paids | 127 | 132 | 116 |
Less: Rescissions and Denials | 4 | 3 | 4 |
Ending Primary Delinquent Inventory (# of loans) | 68,206 | 66,626 | 64,418 |
% of New Delinquency Notices in Forbearance | |||
% of Primary Delinquent 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.
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 Quarterly Report on Form 10-Q for the quarter ended June 30, 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
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