Business fell to a nine-month low at MGIC Guaranty Insurance Corp. and hasn’t risen in five months. Delinquency, however, continued lower.
Milwaukee-based MGIC reported in a monthly operational summary that it wrote $3.0 billion in new policies during the month of November.
That was the worst month for the mortgage insurance company since
February 2015 — a month that saw just $2.5 billion in new policies written.
In addition, an increase in new business has not been reported since June, when $4.5 billion in policies were written.
In October 2015, volume came in at $3.5 billion, while there was $2.9 billion in new business in November 2014.
From Jan. 1 to Nov. 30
of this year, policies written totaled $39.7 billion.
MGIC reported that its delinquent inventory ended last month at 62,445. The past-due count
was at the lowest level since at least 2009 based on the oldest data maintained by Mortgage Daily.
The delinquency inventory stood at 64,156 at the end of October 2015 and 80,125 at the same point last year.
Based on an estimated 995,565 policies in force as of Nov. 30, 2015, Mortgage Daily estimates that the delinquency rate was 6.27 percent.
Estimated delinquency was down from 6.47 percent a month earlier and 8.29 percent a year earlier.
