New quarterly business was solidly higher at MGIC Investment Corp., as were earnings. Also improving was the rate of delinquency on its book of business.
From July 1 through Sept. 30 of this year, income before taxes at the Milwaukee-based mortgage insurance company was $232 million, according to third-quarter earnings data.
Results at the parent of
Mortgage Guaranty Insurance Corp. were better than the same three months last year, when income came to $184 million.
MGIC’s income was just shy, however, of the $238
million earned in the preceding quarter.
New primary insurance written climbed to $14.5 billion from $13.2 billion in the second quarter. Business also improved from $14.1 billion in the third-quarter 2017. So far this year, $38.3 billion has been written.
September ended with primary insurance in force on 1,048,088 loans for $205.8 billion. MGIC’s book of business has steadily grown since Sept. 30, 2017, when insurance was in force on 1,014,092 loans for $191.0 billion.
Delinquency
concluded the third quarter at 3.19 percent, according to the report. A 30-basis-point improvement was made versus mid-year, while there was no change compared to the end of the third-quarter 2017.
