For the first time in eight months, new business improved at MGIC Guaranty Insurance Corp. The delinquency rate hit a five-year low.
The mortgage insurer saw its best month in new business so far this year, according to monthly operational data reported Tuesday.
Primary new business written totaled $2.0 billion during March.
Volume climbed from $1.5 billion in the previous month.
Prior to March, mortgage insurance activity had retreated each month since July 2013, when $3.2 billion in business was reported.
But last month’s new policy activity was off from $2.4 billion in March 2013.
Year-to-date 2014 business amounted to $5.2 billion.
The Milwaukee-based company said it finished last month with a primary delinquent inventory of 91,842 loans, fewer than 97,588 at the end of February and 126,610 at the same point in 2013.
Based on an estimated 950,765 policies in force, the delinquency rate was 9.66 percent as of March 31 — the lowest it’s been since at least 2009 based on an analysis of available data.
Estimated delinquency was 10.23 percent as of Feb. 28.
MGIC previously reported a delinquency rate of 12.83 percent as of March 31, 2013.
