It has been years since new business has been this good at MGIC Guaranty Insurance Corp., and the story was the same for delinquency.
A total of $3.7 billion in primary new insurance was written
by MGIC during the month of May.
The Milwaukee-based mortgage insurance company detailed the data on Monday in a monthly report about its operations.
New business improved from the previous month, when MGIC wrote $3.6 billion in new policies.
Activity also ascended from the same month last year, when new business amounted to $2.8 billion.
In fact, business volume has not been this strong at MGIC since at least 2009 — and likely since at least 2008 — based on the oldest available data maintained by Mortgage Daily.
From Jan. 1 through May 31 of this year, MGIC has written a total of $16.3 billion in primary new insurance.
MGIC said it finished last month with an ending primary delinquency inventory of 68,224 policies.
It was the lowest number of delinquent policies since at least 2009 based the oldest available data for the mortgage insurer maintained by Mortgage Daily.
The delinquent inventory was
69,630 in April 2015 and 86,415 in May 2014.
Based on an analysis of quarterly earnings data and growth trends at MGIC, Mortgage Daily estimates that the firm had around 972,400 policies in force as of the most-recent month — putting the past-due rate at an estimated 7.02 percent as of May 31, 2015.
Delinquency declined from an estimated 7.17 percent a month earlier and an estimated 9.09 percent a year earlier.
