Although new business slowed at MGIC Guaranty Insurance Corp., the level of defaults fell to a new multi-year low.
The Milwaukee-based entity reported that it wrote $3.3 billion in primary new insurance during September.
MGIC’s business wasn’t as good as in August, when $3.5 billion in new policies were written.
But activity at the mortgage insurance company picked up from $2.5 billion in September 2013.
During the nine months ended Sept. 30, new insurance written amounted to $23.9 billion.
MGIC reported that 83,154 loans were in its ending primary delinquent inventory, dipping from 83,748 a month earlier and falling to the lowest number of delinquent policies since at least 2009 — the oldest available data.
A year earlier, there were 111,587 delinquent policies.
Based on an estimated 952,078 policies in force as of Sept. 30, 2014, the estimated delinquency rate was 8.73 percent, improving from an estimated 8.80 percent as of Aug. 31.
As of Sept. 30, 2013, the delinquency rate was 11.51 percent.
