Quarterly new business and pre-tax income were both down at MGIC Guaranty Insurance Corp., though delinquency improved and the book of business grew.
New insurance that was written from Jan. 1 through March 31 amounted to $8.3 billion.
Business slowed compared to the fourth quarter of last year, when
$9.8 billion in home loans were insured.
The performance metrics, in addition to other operational and financial results, were included in the Milwaukee-based company’s first-quarter 2016 earnings report.
Business also slowed from the first quarter of last year, when volume was $9.0 billion.
MGIC reported that it had insurance in force of $175.0 billion as of March 31, 2016.
The mortgage insurer’s book of business was slightly expanded from $174.5 billion as of three months earlier and grew from $166.1 billion one year earlier.
Delinquency on MGIC’s insured loans, excluding bulk loans, finished last month at 4.5 percent.
The past-due rate improved from 5.1 percent at the end of last year and 6.0 percent at the same point last year.
Including bulk loans, delinquency as of the most-recent date was 5.6 percent, declining 70 basis points from Dec. 31, 2015, and down 180 BPS from March 31, 2015.
MGIC reported net income before taxes of $104 million, not quite as good as $109 million earning in the fourth-quarter 2015 and worse than $136 million in the first-quarter 2015.
