New business declined for third consecutive month at MGIC Guaranty Insurance Corp. The good news is that delinquency was down for the 15th consecutive month.
MGIC reported Friday that it wrote $2.4 billion in new primary insurance during October.
Volume was lower than in the previous month, when $2.5 billion in residential loans were insured.
New business has been lower each month since July, when $3.2 billion in new policies were generated. The last time MGIC’s volume was this low was in April, when it also insured $2.4 billion in mortgages.
The Milwaukee-based company previously reported that it wrote $2.6 billion in new policies in October 2012.
During the first 10 months of this year, new business amounted to $25.5 billion.
The mortgage insurance company said that it ended last month with 109,629 delinquent policies, fewer than the 111,587 at the end of September.
There were 146,282 past-due policies as of Oct. 31, 2012.
Using an estimated 967,394 in outstanding policies as of the end of last month, estimated delinquency was 11.33 percent.
The delinquency rate declined from 11.51 percent as of Sept. 30 and has been down each month since July 2012, when the estimated rate was 14.75 percent.
As of Oct. 31, 2012, estimated delinquency at MGIC was 14.35 percent.
