New business at MGIC Guaranty Insurance Corp. hasn’t been this good since at least 2009 — and likely longer. The same can be said for delinquency.
Last month, MGIC wrote $3.6 billion in primary new insurance, according to a monthly operating report.
Based on an analysis of available data, it was the highest level of volume for the Milwaukee-based company since at least 2009 — and likely the best single month since prior to the 2008 financial crisis.
MGIC has lifted new business each month since February, when it generated $1.5 billion in new policies.
During June, $3.2 billion in new insurance was written, while the total was also $3.2 billion in July 2013.
The latest activity brought year-to-date volume to $17.1 billion.
MGIC reported in its second-quarter earnings that it had $159.3 billion insurance in force as of June 30.
The mortgage insurer’s primary delinquent inventory was cut to 84,946 loans at the end of July from 85,416 a month earlier. The inventory was 115,755 a year earlier.
Using an estimated 955,180 policies in force as of July 31, the estimated delinquency rate was 8.93 percent.
Delinquency improved from 8.98 percent as of mid-year 2014 and an estimated 11.89 percent as of July 31, 2013.
The past-due rate has not been this low since at least 2009.