MGIC Guaranty Insurance Corp. wrote less new business last month but managed to reduce its delinquency rate for the seventh consecutive month.
In February, the Milwaukee-based company issued $1.9 billion in primary new insurance policies, according to monthly operating statistics.
Business subsided from a month earlier, when $2.2 billion in home loans were insured by MGIC. So far during 2013, volume totals $4.1 billion.
But new business has picked up from a year earlier, when volume amounted to $1.3 billion.
Based on a Mortgage Daily analysis of historical performance data and quarterly earnings, an estimated 993,110 policies were in force as of Feb. 28, declining from an estimated 999,728 policies as of January. In February 2012, the estimated policy count was 1,072,560.
MGIC reported that 133,125 insured loans were delinquent as of the end of last month, off from 137,847 past-due loans at the end of January and 168,190 delinquent loans as of Feb. 28, 2012.
Based on estimated outstanding policies, the delinquency rate worked out to 13.40 percent in the latest report.
Delinquency was down from 13.79 percent in the previous report and has been lower each month since July 2012, when the rate was 14.75 percent.
In February 2012, the rate of late payments on MGIC-insured loans was 15.68 percent.
