It’s been five months since new business has moved higher at MGIC Guaranty Insurance Corp. Delinquency, however, continued to improve.
During the month of October, the mortgage insurance company wrote $3.5 billion in new policies,
according to a monthly operational summary.
Business declined from the previous month, when the Milwaukee-based organization wrote $3.9 billion in new mortgage insurance policies.
The last time that MGIC has seen monthly business improve was in June, when policies written were up 22 percent from a month earlier.
The latest month managed to improve, however, on October 2014, when business volume totaled $3.3 billion.
Year-to-date Oct. 31, 2015, there have been $36.7 billion in new policies written by the mortgage insurer.
MGIC reported that its delinquent inventory finished last month at 64,156.
That was the fewest loans in the inventory since at least 2009 based on the oldest data maintained by Mortgage Daily.
The distressed portion of its book of business diminished from September, when there were 64,642 loans in the delinquent inventory.
The improvement was even more stark compared to October 2014, when the count was 82,369.
Based on an estimated 992,293 policies in force as of Oct. 31, 2015, Mortgage Daily estimates that MGIC’s delinquency rate was 6.47 percent.
The rate subsided from 6.54 percent the previous month
and an estimated 8.55 percent as of the same date last year.
