MGIC Reports $1.7B Written in April

Mortgage investment Corporation (MGIC) said today that its principal subsidiary, Mortgage Guaranty Insurance Corporation wrote $1.7 billion in new private mortgage insurance (PMI) in April.   MGIC, which recently reported net losses of $19.6 million in the first quarter of this year, also said today that its delinquent loan inventory decreased marginally during the month.

Private mortgage insurers have been hard hit by the foreclosure crisis as borrower defaults have forced them to pay out on millions of PMI claims from lenders.  Two of the major insurers, PMI and RMIC have both been placed in state receivership in the last year and PMI has filed bankruptcy.

MGIC said it had a delinquent inventory of 160,473 loans at the beginning of the month and was notified of 10,134 new problem loans.  During the month it paid on 3,956 loans, had 236 rescissions or denials, and a total of 9,717 cures.  The inventory at the end of the month was 156,698 loans.

MGIC cautions that the information on cures and new notices is generated by information reported by servicers and can be influenced by many factors including the date on which the servicer generates the report and loan transfers among servicers.