New business increased to the highest level in seven months, while the delinquency rate has improved for eight consecutive months at MGIC Guaranty Insurance Corp.
The Milwaukee-based firm reported that it wrote $2.4 billion in new mortgage insurance polices during March.
New business picked up from February, when $1.9 billion in home loans were insured. So far this year, new business totals $6.5 billion.
MGIC’s business came in at the highest volume level since October 2012, when $2.6 billion in new policies were written.
In March 2012, new business was just $1.6 billion.
Mortgage Daily estimates that 986,492 MGIC policies were in force as of March 31.
The number of delinquent polices was reported at 126,610, falling from 133,125 in February. The year-earlier delinquent inventory was 160,473.
Using estimated insurance in force, estimated delinquency was 12.83 percent last month, improving from an estimated 13.40 percent as of Feb. 28.
The past-due rate has fallen each month since July 2012, when the rate was 14.75 percent.
As of March 31, 2012, delinquency stood at 15.08 percent.
