Quarterly earnings at MGIC Investment Corp. soared on a year-over-year basis, while new business improved on a quarter-over-quarter basis. Delinquency sank.
The Milwaukee-based mortgage insurance company reported in its third-quarter 2017 earnings report that it earned $184 million before taxes.
Earnings soared compared to the $84 million earned in the same-three months last year. But there was little change in income from $181 billion in prior quarter.
New insurance written during the most-recent three-month period worked out to $14.1 billion.
Business increased from $12.9 billion during the second-quarter. There was little change, though, from the $14.2 billion written in the third-quarter 2016.
From Jan. 1, 2017, through Sept. 30, insurance written amounted to $36.3 billion.
Insurance in force ended last month at $191.0 billion. MGIC’s book of business grew from $187.3 billion as of mid-2017 and $180.1 billion as of the same date last year.
Delinquency on MGIC’s book was 3.19 percent as of Sept. 30, 2017.
Delinquency plummeted from 4.11 percent three months earlier and 4.14 percent one year earlier.
