MILWAUKEE, Aug. 8, 2016 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) today issued a July 2016 Operational Summary of the primary mortgage insurance of its insurance subsidiaries. The summary is also available on the company's website at http://mtg.mgic.com, under Investor Information, 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 number of business days in a month, and by transfers of servicing between loan servicers.
July 2016
July 2015
Change
Insurance in Force (billions)
$178.2
$170.0
4.9%
Flow Only
$168.4
$158.9
6.0%
Beginning Primary Delinquent Inventory (# of loans)
52,558
66,357
(20.8%)
Plus: New Delinquency Notices
5,835
6,607
(11.7%)
Less: Cures
5,107
5,379
(5.1%)
Less: Paids (including those charged to a deductible or captive reinsurer)
948
1,393
(31.9%)
Less: Rescissions and Denials (1)
40
71
(43.7%)
Ending Primary Delinquent Inventory (# of loans)
52,298
66,121
(20.9%)
(1)
Refer to our Form 10-Q filed with the Securities and Exchange Commission on August 10, 2015 for information about our prior suspension of certain rescissions and the number of rescissions suspended as of June 30, 2015. There were no rescissions suspended as of July 31, 2016.
About MGIC
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. At July 31, 2016, MGIC had $178.2 billion of primary insurance in force covering approximately one million mortgages.
From time to time MGIC Investment Corporation releases important information via postings on its corporate website, including corrections of previous disclosures, without making any other disclosure and intends to continue to do so in the future. 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 can be found at http://mtg.mgic.com under Investor Information.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/mgic-investment-corporation-releases-monthly-operating-statistics-300309910.html
SOURCE MGIC Investment Corporation
Investor Contact: Michael J. Zimmerman, (414) 347-6596, mike_zimmerman@mgic.com; Media Contact: Katie Monfre, (414) 347-2650, katie_monfre@mgic.com
MGIC Investment Corporation published this content on 08 August 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 27 August 2016 13:14:06 UTC.
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MGIC Investment Corporation is a holding company. The Company, through its wholly owned subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services. The Company's mortgage insurance product offers Primary Insurance and Pool and Other Insurance. Primary insurance provides mortgage default protection on individual loans and covers a percentage of the unpaid loan principal, delinquent interest and certain expenses associated with the default and subsequent foreclosure on the mortgage or sale of the underlying property. Pool insurance is generally used as an additional credit enhancement for certain secondary market mortgage transactions. Pool insurance generally covers the amount of the loss on a defaulted mortgage loan that exceeds the claim payment under the primary coverage.