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New Business Up Again at MGIC

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New business has expanded each of the past five months at MGIC Investment Corp. Delinquency at the mortgage insurance company, meanwhile, stabilized last month.

The Milwaukee-based firm reported that it wrote $2.4 billion in new policies during July. Business grew from June, when new volume amounted to $2.2 billion.

MGIC has increased the volume of new policies written each month since February, when activity totaled $1.3 billion.

Last month’s new business doubled the $1.2 billion in new policies written during July 2011.

From Jan. 1 through July 31, MGIC has written $12.5 billion in new policies.

An estimated 1,037,857 policies were in force at MGIC for around $166.7 billion as of July 31.

Delinquent policies totaled 153,137 as of the end of last month, decreasing from 153,990 policies on past-due loans the prior month and 185,093 in the same month during the prior year.

Using an estimate of the number of policies in force, the delinquency rate on MGIC’s book of business was approximately 14.76 percent in July.

Delinquency inched up from a revised 14.75 percent rate in June but was lower than the estimate of 15.97 percent as of July 31, 2011.

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