The book of business, insurance written and earnings all increased from the prior quarter and a year prior at MGIC Investment Corp. Meanwhile, delinquency decreased..
The mortgage insurer’s second-quarter 2018 earnings report revealed that income before taxes during the three months ended June 30 came to $238 million.
Earnings improved from the same quarter last year, when income came in at $181 million. An increase was also reported from the first-three months of this year, when pre-tax income was $180 million.
New primary insurance written worked out to $13.2 billion during the three months ended mid-year. Business was better than in the first quarter, when $10.6 billion was written, and the second-quarter 2017, when the total was $12.9 billion.
Full first-half production amounted to $23.8 billion.
Primary insurance was in force on 1,033,323 loans for $200.7 billion as of mid-2018.
The book of business was 1,026,797 loans for $197.5 billion
a month earlier and 1,006,392 loans for $187.3 billion a year earlier.
Last month’s primary delinquency rate was 3.49 percent. MGIC saw a 53-basis-point improvement from April. The decline was 62 BPS versus the same date last year.
